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The entire Greek debt is replaced by a 30-year bond term and the coupon on the new bonds (which will replace the oldest
existing haircut) will be 3.10% and will rise to 3.90% and go up to
Greece will pay the first year only interest and then interest and principal. Banks, institutional investors etc. will get a 50% haircut, of
which 15% will be cash and 35% of the new bond.
The final terms are expected to be announced Friday afternoon.
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