A longer and more detailed analysis of this proposal of mine for an orderly restructuring of Greece’s public debt is available to RGE clients: Order from Chaos   From the Financial Times :  It is time to recognise that Greece is not just suffering from a liquidity crisis; it is facing an insolvency crisis too. Rating agencies have started to downgrade its public debt to junk level, while spreads on Greek sovereign bonds last week spiked to new highs. The €110bn bail-out agreed by the European Union and the International Monetary Fund in May only delays the inevitable default and risks making it disorderly when it comes.

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Greece’s Best Option Is an Orderly Default