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Noooooooo! You don't need a new caliper, you just need to bleed your brake. When you loosened the banjo bolt, you introduced air in the system and that's why you have no pressure. Sometimes if you pump the lever around 300 times, you'll build the pressure back up. Another thing you can do is to squeeze the brake lever and wire-tie it that way and leave it over night. Sometimes that will get the air up and out.

To loosen your bleeder screw, clean around it with a small brass wire toothbrush and then spray penetrating oil on it. Use a good quality, Sear Craftsman or better, box end wrench and apply pressure -- right tighty, lefty loosey. Don't hammer on the wrench but keep heavy pressure on. Crack! The screw will come loose.

Now is a great time to rebuild your front caliper. A caliper rebuild kit costs around $25 and rebuilding the caliper is easy even for a newbie.
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