Greek PSI
The Greek PSI is once again (still) hitting the headlines. Here is what I think the most likely scenario is (80% likelihood). Some form of an agreement will be announced. The IIF will announce that the “creditor committee has agreed in principle to a plan.” That plan will need to be “formalized” and final agreement […]
Greece – No PSI
As expected banks couldn’t agree to a haircut. Now Greece, the EU, the IMF, and taxpayers, will pay out about about $11 billion of principal and interest before the end of the year. I don’t know who holds the bonds maturing this year, but some of that money is probably finding its way into banks […]