a senior office said one idea now under discussion foresees existing bonds being swapped for new debt with even longer maturities and even lower interest rates than has been planned when the proposal was launched in July. - talk is now for a 50% cut of more in the net present value of bonds and greater use of bonds with lower principal, or face value so there is a reduction in Greece’s debt/GDP ratio. - second option considered is a straight haircut of 50% or more that involves both Private secotrs and sovereign creditors. (full story)