PSI:

24 2012,
PSI
(Private Sector Involvement). , (
) (haircut) .
, PSI
26 2011
(Eurogroup) 21 2012.
,
206 , : (i)
31.5%
, (ii) EFSF (
) ( )
PSI 15%
, (iii) (warrant)
, ,
1% .

,
2011 .

10 2010, Greek PSI .
, , .
, PSI EFSF

,
, 30 .
(warrant)
,
-7% 1 ( )
( 21% 51% ), , , .
, , , a rats ass .
, PSI, 206
[ 368 (2011)2]
, 53.5% ,
J.P.Morgan Chase (9 2012)
(Challenges Facing the Greek Second Package),

(4 2011),
- 18% - 7%. , , .
, 180% 2020, 120% .
2 , , 2011.
1

 107 , PSI.
107 , 95 %

. , 206 ,
177 (86%) 29 (14%) . 177
( CACs),
(23-2-2012) 2/3 ,
29 CACs 75% .3
PSI
10 8 ,
75%,
. ,
20 2012 14.5
130
. 26
2011, 130 PSI
.
, 130
10 2010 110 ,
73 ,
, ,
.
, 130
,
2042! ,
haircut 107 ,
( 2% 4.25%
2020). , 368 (2011) 107
(bond swap) 62
4 130 , 192 , ( 19
2012) ! 5

24 9 2012, Hellenic Republic, Ministry of Finance.

PSI, 315
1000 . CACs
95.7% 206
2042. , 206 95.7 = 197.14 ,
haircut 68,5%, 197.14 31.5 = 62
.
: 2% 2015, 3% 2020, 3.65% 2021, 4.3% 2042.
, !
5
Financial Times, Is the IMF already assumming Greek failure? (T ;).
2012 ( IMF Country Report No 12/57),
4

130 174 . (231 ) .

 PSI
.
PSI
, 85.8% ,
152 . 6 ,
20 PSI,
172 . ,
CACs, ,
CDSs ( credit event),
.
PSI (9-3-2012) 7
, ISDA ( International Swaps and Derivatives
Association) : CDSs (
),
8 ,
100 .
ISDA ,
CDSs,
3.16 . ,
, .
PSI,
2011,
,
, 21% 21 2011. PSI
50% ,
, . EFSF 30 PSI ,
100
2014, - .
, PSI ,
6

, PSI (9-3-2012),
. ,
. Reuters Deutsche Bank (Factbox-Private sector
take up of Greek debt swap, 7-3-2012) : 42 ,
22 , 8 , : 72 .
30 , & 25 , Hedge Funds &
54 , , 25 , : 134 .
7
,Fitch S&P,
(selective default), Moodys
, C. , :
( 2012),
, ,
, , . 7 & 14.
8

ISDA declares Greek credit event, CDS payments triggered, Reuters, Reporting by Daniel Bases, 09-Mar-2012.

 , 162 % 3 2011 ( 172 %

2011), 120% 2020.9
, 130 ,

-
, . ,
- 3.3% 2011, 7%,
, . ,
, .
, ,
,
50 , ,
90% , , 20 !
, , (13-2-2012)
, (199 74 )
PSI 130 .
37
,
de facto ,
de jure .
,
, .
, ,
, ,
,
, .
,
.
, ,
, , PSI
, ,
, .
PSI

20 , :
PSI,
106 . , 95.7%
,
368 ( 2011) 197 ( 206 .957). ,
9

EURO SUMMIT STATEMENT, Countries under adjustment programme, Brussels, 26 October 2011.

 197 , 171

62 ( 197 .315).
233 , 2007 ( 240 )
110% ( 212 ) 2011. ,
10 , , ( 120% ) 2020,
PSI 130 , 120% .
, , .
, .
haircut 106 ,
,
, 70%,
( 130 ), , peso,
, peso,
.10 ,
, ,
,
, 8% , 60%.
, :
, PSI
197 31.5 %
CACS,
. , 62
11 30 , 2042. Greek PSI

, ,

, ,
PSI .
PSI ,
2012 32 , 11
50 , .
, 30
EFSF,
46.5 %. , ,
2011,
22 ( 17 + 5 ). , 5
,
.
Paul Blustein, And the Money Kept Rolling In (And Out), The World Bank, Wall Street, The IMF, and
the Bankrupting of Argentina, Public Affairs, New York, 2006.
11 , : 2012, 191-2012. , 2012.
10

 ,
Laissez faire , ,
18 , Adam Smith
J.B.Say, - ,
. ,
, ,
( 361 ). , ,
, (minimum wage)
, .
, , ,

( ),
.
,
,
(long run) .
,
. ,
. , ,
.
, Laissez faire
, ,

. ,
2008 ,
2009
. ,

,
, coup de grace . ,
,
, .

, PSI, .
, PSI 130 ,
, 80%
20% . ,

, ,
, .
. ,
PSI 106
, . PSI, ,
EFSF 30 , -
50 ,
12 , 5
.
6

, PSI 97
197
62
. , 159 ,
2011, -
50 .
PSI 38 ( 197- 159).12 , PSI
330 ( 171 + 159 ). 22
(2011), 352 ,
181 ( 159 + 22 )
130 . 5 ,
.
174
130 , .13

.
, -. ,
, ,
, 172%
2011. , ,
10% ,
. ,
73
30 ! , ,
, ,
.
.
- ,
20
, J.M.Keynes, ; ,
, . ,
, .
120% , . ,
Greek PSI, , 352
(168% ) 2014,

. ( official
sector) , ,
162 . 22-3-2012
38 27 UBS,
: Greeces orderly default the first in a series (12 2012).
2012 .
13 , , ( PSI
12 ) 2012,
.
12