Banks stonewall EU leaders on haircut

Negotiations between EU leaders and representatives of the global banking industry over the scale of losses the financial institutions are willing to take on their holdings of Greek sovereign debt have all but broken down.

As the EU awaits market openings with trepidation with still no deal on a resolution to the eurozone crisis in sight, in the end it is not Franco-German divisions, the stability of the government in Italy or the commitment of Greece to implement austerity, but the ref...