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Greece's Sovereign Debt Past, Present and Future

The Greek debt restructuring of 2012 holds a historic place in the world, for more than one reasons, positive, but also negative. During the PSI securities totaling €199.2bn participated or 96.9% of the securities that were eligible and led to short-term EFSF bonds issuance worth €29.7bn and new long-term bonds worth € 62.4bn. As a result Greek sovereign debt decreased by €107bn or about 52%. In this context, the PSI reorganization of 2012 was largely organized and executed, successfully. [...]