Over the next two days, the Eurozone is obliged to come up with answers to two burning questions; firstly, how close the Greek 'haircut' should be and secondly how will the affected banks be recapitalised?

The fact that the banks that hold the Greek debt are now proposing a 40% haircut, is irrefutable testimony that the 21% discount decided in July was a gift to lenders. On the other side of the spectrum are those proposing a 60% cut on Greek bonds...


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