By William L. Watts
FRANKFURT (MarketWatch) -- The Institute of International Finance, a Washington-based group that represents the world's largest banks, on Tuesday said it intends to move ahead with the agreement reached with euro-zone leaders last week to accept a 50% cut in the value of Greek government bonds. The statement comes after an announcement by Greek Prime Minister George Papandreou to hold a referendum on the debt plan triggered a round of global market turmoil. "We will work closely with the Greek authorities, euro area officials and other relevant parties to agree on, finalize and move toward implementation of the details [of the plan] in support of Greece's reform effort to recover from the current crisis, restore market access and lay the basis for renewed growth," the IIF said.
