A new negotiations round was concluded on 13 December in Athens between the Greek government and the representatives of its private creditors, aka banks, over the application of the Private Sector Involvement (PSI) in cutting down the country’s debt, namely a debt ‘haircut’.

Under the general terms of the European Council’s 26 October Agreement, the PSI will contain a 50% reduction of the debt to be included in the agreement and t...

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