Additional 15-billion haircut requested by Europe and the IMF

If the Monday Eurogroup gives the go-ahead, then the announcement of the PSI will begin on February 22 and close on March 9.

While the proposal provided by Greece, according to the decision of October 26, provided for a haircut of the nominal value of the debt by 50%, early repayment of 15% and an extension of the remaining 35% with bonds of a 30-year duration, Europe and the IMF are asking the IIF that the early repayment be limited to 10% and extend 40% of the debt, that is 200 billion euros. The proposal aims to reduce the Greek debt by 15 billion euros.

By next Wednesday the government must vote on the framework that will incorporate collective action clauses (CAC's) in the legal contracts of bonds.

In accordance with these clauses, if a percentage of bondholders (75%) agrees to some sort of debt restructuring, then the rest (25%) will be obliged to follow.