Hold on to your hats folks

  • Proposes Eurozone extends grace period on all existing EZ loans until at least 2040

  • Maturity of 1st, 2nd & third bailout loans extended to 2080

  • Proposes fixing of 2nd & 3rd bailout interest at a max of 1.5% until 2045 at least

  • Says 1st bailout interest spread of 50bp over Euribor be eliminated

  • All Greek debt relief depending on reforms must be delivered by 2018

  • There can be an automatic mechanism linking further debt relief to GDP but not to more reforms

  • Eurozone could fix Greek interest rates upfront

  • At the end of each bailout year, EZ could restructure one third of all loans

  • At the end of 2018 bailout EZ could link further debt relief automatically to GDP

  • Debt deal for Greece should limit debt servicing costs to 15-20% of GDP for many decades and keep Debt to GDP ratio falling

  • Assumes primary surplus will be 1.5% of GDP in 2018 and stay at that level until 2060

  • Expects Greek banks to need more capital given high level of bad loans, could be covered by unused ESM funds

  • Expects Greek privatisation revenues to be €2bn by 2018 and €5bn until 2030

All fine and dandy but let's see how it goes down when the get together to chew it over.