The Private Sector Involvement (PSI) in alleviating the Greek sovereign debt seems to be faltering. The two negotiating sides, Greece's official creditors, the EU and the IMF, and the International Institute of Finance (IIF) representing the private creditor banks, are obviously miles apart from each other.

Faltering PSI

The initial plan conceived in the EU Summit of 26 October provided for a haircut of the privately (aka banks) held Greek debt by 50%. Now, however, those bankers...

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