The entire Greek debt is replaced by a 30-year bond term and the coupon on the new bonds (which will replace the oldest 

existing haircut) will be 3.10% and will rise to 3.90% and go up to 

4.75%. 

Greece will pay the first year only interest and then interest and principal. Banks, institutional investors etc. will get a 50% haircut, of 

which 15% will be cash and 35% of the new bond. 

The final terms are expected to be announced Friday afternoon.