All this week, financial markets will be speculating on the percentage of the Greek ‘haircut’ - we only know for certain that it will be larger than the 21% agreed on 21 July by heads of state and governments, and lower than the 50% that Germany is proposing.

Allegedly, the 23 October European Council will decide not only about the exact figure but also on the accompanying measures to safeguard the Eurozone's banking system. What happened some days ago, and the dec...

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