Reuters
July 20, 2011
Banks are poised to offer a complex Greek rescue proposal, which excludes a bank levy, to a meeting of euro zone leaders on Thursday, industry sources said.
The banks are ready to fight a levy in the courts if one is imposed on them to fund a Greek bailout, arguing it would unfairly punish those not exposed to the country, two of the sources said on Wednesday, though it was not clear on what grounds a legal case would be made.
The proposal from private sector creditors to Greece, being coordinated by the Institute of International Finance, would include a range of options but may not be the quick fix many are hoping for.
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