Barclays Capital and Fathom Consulting staff yesterday joined the growing chorus of voices warning a restructuring is inevitable for Greece and that an immediate solution would require a massive default on the country’s €347bn (£307bn) of debt.

"To achieve ’solvency’, Greece needs to write off about 60pc of its debts," said Piero Ghezzi, BarCap’s head of economics research.
Once the International Monetary Fund (IMF) and European Union (EU) loans are excluded, and the holdings of domestic banks taken out of the equation, foreign creditors would need to take a 70pc "haircut".

Greek, EU and IMF officials are negotiating with the private sector about a voluntary involvement as part of a second bail-out, expected to be as much as €120bn on top of the €110bn already committed.
Yesterday, Institute of International Finance (IIF) managing director Charles Dallara met Greek Prime Minister George Papandreou and Finance Minister Evangelos Venizelos "to discuss how private sector creditors can assist Greece’s reform program", the IIF said.