Cut out and keep, charting Greek OSI edition Hat-tip to the FT's Brussels blog... Click t0 enlarge - a Eurogroup chart guide on how to cut Greece's official debt levels (a buyback boondoggle included): GLF in the table = Greek Loan Facility, which was the first, bilateral, bailout. The thing that surprises us? The debt reduction apparently on offer from doing stuff to Greece's EFSF loans, such as almost €10bn wiped off Greece's need to borrow in 2015 and 2016 through an interest rate holiday. The EFSF loans are primarily there to finance bits and pieces of the fallout from the PSI (collateral for example) - they're not the bilateral loans which are causing Germany to scream bloody murder on haircuts. These 25 to 30-year loans are also already subject to a 10-year grace period. The thing that doesn't surprise us? The debt which is added to the ledger from a buyback of PSI bonds from Greek banks and others, in the years 2012 to 2014, as Greece borrows around €10bn to pay for it. What's the capital impact on Greek banks in that calculation? Anyway, as the FT's Peter Spiegel notes: The key thing to remember is the last time the eurozone revamped the Greek programme in February, they agreed that it would return Athens to a debt level of 120 per cent of economic output by 2020. This has become a de facto benchmark. The "no help" baseline in this chart is 144 per cent by 2020. While we await the outcome of the interrupted super-session to find a solution... we leave you with the hopeful words of Marc Ostwald at Monument Securites: The outcome will in no way put Greece on any path to debt sustainability, and could not be spun as such even by someone who is pathologically mendacious. Additional reporting/moaning by Joseph Cotterill Related link: Greece, round 3: Let the debt relief talks begin - Brussels Blog Eurogroup meets for third go at kicking can down the road - FT Alphaville