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Greek debt restructuring nearly finished. Again.

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OK, so now the financiers are about to take a haircut to the tune of 70% rather than the earlier 50% but does anyone honestly think this will resolve the problem? The only likely final outcome is default, but there will be plenty of dancing around and more delaying (after years of delay) before they will finally get there. The financiers have only themselves to blame because they were greedy. There's a slim possibility that they could have made it through back in 2008 had they accepted debt reductions along these lines but even then, it was going to be difficult.

Greece is on the verge of a breakthrough in talks with its creditors that could wipe out up to 70% of its debts and alleviate the crisis in the eurozone. An outline deal, hurriedly endorsed by Brussels, came after a frantic three days of negotiations that at one time appeared to be heading for deadlock. It appeared that Greece had secured a deal to pay an interest rate of 3.1%, rising to 4.75%, on new 30-year bonds created from its outstanding €360bn (£300bn) debt burden. The effect would be for creditors to accept writedowns of up to 70% on many of their loans.

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