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2015-07-22 — zerohedge.com
``Based on our more conservative GDP and inflation baseline (and assuming no Grexit by 2022), and targeting a debt-to-GDP ratio of 120% by 2022, we estimate the size of the required ‘upfront' (i.e. to be introduced in 2016) principal haircut to be €110bn (60% of annual Greek nominal GDP in 2014). ''
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