In order to get this 2nd financing structure in place for Greece, it is essential that a deal is reached with the private sector, which is represented by the IIF. Latest headlines suggest that the parties are moving closer together, with EZ FinMins trying to get the IIF to accept a nominal loss of 53.5%, up from the 50% which had been originally proposed. The IIF does seem willing to negotiate but no details have yet emerged as to how far apart the parties still are.