Euro finance ministers indicated a significant bondholder haircut would have to be part of a second Greek bailout.

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If refiners did not have access to capital on favorable terms to finance these upgrades, the 10% to 15% haircut might be justified.

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President Anastasiades has already said that any suggestion of investors or bank depositors taking a "haircut" on their investments "is not accepted", a view shared by Cypriot Finance Minister Michalis Sarris.

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