The "haircut" succeeded in Greece

As mentioned in the article, the collective action clauses (CACs) will be applied for the bonds that are subject to the Greek law. Thus, Greece can write off from its debt an amount of 104,6-107 billion euros, provided it secures the consent of the Eurozone for the use of CACs. The looming success of the PSI also paves the way for the approval of the new loan package of 130 billion euros, both from the Eurozone and mainly from the International Monetary Fund (IMF), which according to information intends to participate with an additional 8 to 11 billion euros.

At 8.00 Greek time the official announcement of the results for the PSI will be made and at 15.00 Greek time the Eurogroup teleconference will take place, where it will be decided whether the CAC's will be activated.

The Eurogroup will also decide what to do with those who have not registered for the PSI.

On March 12, the bonds will be exchanged under Greek law. On the same day there is the scheduled meeting of the Eurogroup for the month of March. The Euroworking Group is expected to meet on March 14 to lock in the new € 130 billion program and finalize the disbursement schedule.

On March 20, the first money arrives. The Greek State will have to cover part of the maturity of the 14,5 billion euro bond - which will have been cut in the meantime - which is in the "hands" of the European Central Bank and is estimated at 1 billion euros.

At the beginning of April, the bonds are exchanged under foreign law and at the same time the first large installment of the new aid package in the country is expected to be given.

Source: KATHIMERINI