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WestLB’s Bad Bank Reports First-Half Loss on Greek Writedowns

WestLB AG’s bad bank, Erste Abwicklungsanstalt, reported a loss in the first half of the year after writing down the value of its Greek holdings by 21 percent.

EAA reported a loss of 176 million euros ($249 million) in the six months through June, including 243 million euros in writedowns, the Dusseldorf, Germany-based company said in an e-mailed statement today.