Despite the fact that the EU-ECB-IMF troika watching over the financial affairs of Greece produced an ambivalent report on the progress that Athens has made over the past three months, upon which Greece expects to be judged if the next loan installment will be released or not, in reality this will be decided over the readiness of the Eurozone to tackle the spillovers on banks after a greater-than 21% 'haircut' on Greece's overall debt.

As things stand, a 21% reduction of debt...

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