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2011-05-15 — weeklystandard.com
``"Most intelligent people know there has to be a significant restructuring to ease the burden on Greece, and we're not talking about a painless extension of maturities, but wiping away a large portion of the debt"... Such a default would be no trivial event for creditors: Estimates are that it would take a "haircut"​--​a write-down​--​of 40 percent to 70 percent to get debt into repayable territory... "A restructuring would have legal and systemic consequences that are difficult to calculate right now, but would in all probability be bigger than after the collapse of Lehman Brothers."''
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