The willing participation chapter of the Private Sector Involvement (PSI) exercise to alleviate the Greek sovereign debt by €107 billion went through OK – in short, the vast majority of lenders, aka the banks, accepted to lose around 70% of the value of the titles they hold. Why? Well, the simple answer is that they could not expect to receive any more than that.
Germany, Holland, Finland and Austria offered only loans and guarantees of some billions of euro, but the real money...
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