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Write-down of Greek Debt and New EU/IMF Loan Programme - Part 1

Since Greece's first loan programme from May 2010 with the euro area member states and the IMF proved to be unsustainable, a new loan agreement has been concluded. A key element in the new programme is the restructuring of the Greek government debt, entailing a write-down ("haircut") of private investors' share of the debt. The country's government debt will thus in future be held primarily by international public institutions. This reduces the immediate economic and financial risks in the event of a disorderly Greece default. on the other hand, the risks remaining in the programme have been transferred to the government finances of the lender countries.