Dalara bringing Greece back to reality regarding the haircut

In a joint statement shortly after the meetings with the PM and finance minister, Charles Dalara and Jean Lemierre talk about issues that remain unresolved and about time pushing for an agreement to restructure the Greek debt. Most international media this morning reported a climate of cautious optimism, but on the other hand the seriousness of the situation is a given, and can also be seen in the Dalaras and Lemierre statements that "time is running out" and that now more than ever before, it is important to achieve a final agreement. The MarketWatch news agency points out that Dalaras and Lemierre stressed that in order to finalize the agreement for the voluntary PSI, it should be "supported by all parties involved." (Here's the relevant post by MarketWatch).

At the same time, finance minister Evangelos Venizelos appears very optimistic and last night was on a different wavelength from the foreigners, saying that "the exchange of bonds is at a very good point."

However, there has not been a known figure so far, nor for the extent of the haircut - with the most likely scenario speaking of a 50% at the current value corresponding to 65% of the original one - or for the interest rate brought by the new bonds received by the creditors. Information refers to a 4.5%-4.7%, while market sources speak of a regulation for the payment of 15% of the value of bonds maturing in cash from the Greek state, as well as new bonds at 35% of the nominal value of the old ones.

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