"A year later, a worsened recession along with a delayed implementation by the Greek government of the agreed conditions in the bailout programme revealed the need for Greece to receive a second bailout worth €130 billion (including a bank recapitalization package worth €48bn), while all private creditors holding Greek government bonds were required at the same time to sign a deal accepting extended maturities, lower interest rates, and a 53.5% face value loss."
When you do the math (the maturity extension and interest rate cuts were steep), the total haircut was 75%+, with the bulk of the losses absorbed by French banks. It got a HUGE amount of press back in 2012—at least in the financial press. Google for "greece", "2012", "bond swap", "haircut", "debt swap", etc., you'll find hundreds of articles. Many of which boiled down to "um, if the troika doesn't take a haircut too, it won't fix the core problem, and we'll be right back here in another 2-3 years". They were right too. :(
Edit: Your link is part of that. All that's left is government held debt, and they STILL insist on avoiding any haircut, just as they have been this entire time. They were happy to see other people lose their money, but by now we're out of people with skin in the game. All that's left is the troika. Their insistence on avoiding a haircut is why everyone else had to have a 75%+ haircut..and why even that wasn't enough.
"A year later, a worsened recession along with a delayed implementation by the Greek government of the agreed conditions in the bailout programme revealed the need for Greece to receive a second bailout worth €130 billion (including a bank recapitalization package worth €48bn), while all private creditors holding Greek government bonds were required at the same time to sign a deal accepting extended maturities, lower interest rates, and a 53.5% face value loss."
When you do the math (the maturity extension and interest rate cuts were steep), the total haircut was 75%+, with the bulk of the losses absorbed by French banks. It got a HUGE amount of press back in 2012—at least in the financial press. Google for "greece", "2012", "bond swap", "haircut", "debt swap", etc., you'll find hundreds of articles. Many of which boiled down to "um, if the troika doesn't take a haircut too, it won't fix the core problem, and we'll be right back here in another 2-3 years". They were right too. :(
Edit: Your link is part of that. All that's left is government held debt, and they STILL insist on avoiding any haircut, just as they have been this entire time. They were happy to see other people lose their money, but by now we're out of people with skin in the game. All that's left is the troika. Their insistence on avoiding a haircut is why everyone else had to have a 75%+ haircut..and why even that wasn't enough.
[1]: https://en.wikipedia.org/wiki/Greek_government-debt_crisis#2...