What Greek Haircut will EU banks assume as 3rd Quarter Ends?

An interesting column discussing the valuation of Greek debt for the EU's banks, as the third calendar quarter ends tomorrow, is linked here.

In the case of the two French banks Société Generale and BNP Paribas they assumed the 21% loss level incorporated into the clearly outdated, 21st July, EFSF revamped deal voted through the German Parliament only today!

The following quotes, quite clearly indicates that the last thing in either regulators or accounting authorities minds, at present, is getting accurate accounting data to the investing public, some quotes:

EU regulators, responsible for ensuring investors are not confused, discussed the general issue of bank accounting last week in Poland but no fresh attempt to impose a common line has emerged so far.

The European Securities and Markets Authority (ESMA) and accounting standard setter, the International Accounting Standards Board (IASB) have shifted tack, now focusing on end-of-year results, which have to be fully audited.

This puts pressure on the auditors to ask banks why they are not making full writedowns to reflect market values.

ESMA Chairman Steven Maijoor said consistent valuation was more important for annual reports than for interim results.