Private sector involvement

The inexperience of the SYRIZA government (2015-2019) forced Greece to undergo another five tough years, noted Charles Dallara, the former Institute of International Finance head who in 2012 led negotiations on a major haircut on Greece's private-held debt, known as the private sector involvement (PSI).

By Dimitris Galanis

In evaluating its programme to "rescue" Greece, the International Monetary Fund directly and clearly admits what we all knew: - that the purpose of the programme was not to rescue Greece but to save the banks of the eurozone.

With absolute cynicism the Fund concedes that it made tragic mistakes.

The process of swapping 20 bonds stemming from the Greek debt restructuring of 2012, or private sector involvement (PSI), began on Wednesday with the issue of new securities.

By Sophie Sassard

Soon after politicians from left-wing SYRIZA party won power in Greece they said they had hired Lazard to advise them on restructuring their debt.

It is a homecoming of sorts for the US investment bank. Lazard cemented its position as the eminence grise of debt negotiations when it secured the biggest restructuring deal in history for Athens in 2012.