> For Greece, an equivalent amount of debt relief (a reduction of 46% on an NPV basis) would equate to something like $150 billion in forgiven loans. If I unde

> For Greece, an equivalent amount of debt relief (a reduction of 46% on an NPV basis) would equate to something like $150 billion in forgiven loans. If I understand Wikipedia correctly, Greece was indeed given a 106.5 + 48.2 = 154.7 billion haircut in 2012: "The haircut alone lowered the government debt pile by €106.5bn (equal to a debt-to-GDP ratio decline of 55.0 percentage points), but as Greek banks at the same time were holding almost one third of the restructured debt, this also created the need for the Troika and Greek government to pay for a €48.2bn bank recapitalisation in 2012" https://en.wikipedia.org/wiki/Greek_government-debt_crisis https://en.wikipedia.org/wiki/Greek_government-debt_crisis