Opening of a European summit to stop the debt crisis

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A discount greater than 50% should be applied to Greek debt held by private investors, which would be to remove about 100 billion euros of debt held by banks and insurers, according to an agreement being negotiated between representatives European leaders and institutions, said Wednesday a source close to the discussions.
Private investors now hold about 210 billion Greek debt but the conditions that are attached to the exchange between the current titles and new titles explain that the discount is greater than 50%, the source said.

"The goal is to reach a Greek debt around 120% of GDP by 2020", a level considered sustainable, still the source said, who said that Nicolas Sarkozy and Angela Merkel stood ready to meet with banks outside the euro zone summit in Brussels to finalize the agreement.

The source also said that the French president would meet Thursday with his Chinese counterpart Hu Jintao about a possible Chinese participation in the new "special vehicle" backed by the European Financial Stability Fund (EFSF) to help leverage capabilities of the latter.