See you next summer: Greek debt restructuring: Perils and promises | vox - Research-based policy analysis and commentary from leading economists

It follows that only the restructuring of the €144 billion, or 40% of the total Greek government debt, which is held by foreign private investors, would bring net financial benefits (by reducing the country's debt size and servicing costs). If we exclude loans, treasury bills, and other short-term securities, the holdings of Greek government bonds by foreign private investors that could be restructured are about €136 billion.² Hence, a 50% haircut in the value of this part of the debt would reduce the total debt by €68 billion, or by 19%.³

This net financial benefit for the Greek state from a large nominal debt haircut should be assessed against the additional costs and the various risks – both for Greece and the Eurozone as a whole – that will be associated with debt restructuring. Thus, the overall net gain would be smaller.

via www.voxeu.org