First loss will likely remain, to some degree, with the originator. Liquidity and balance sheet strength will be more highly valued. Volatility will be less restrained by overconfidence.
•  As a consequence of these actions, the average maturity of the Greek government debt has increased from 6.3 years in 2011 to about 16.5 years by end 2014 and debt servicing costs have decreased to levels comparable with other southern European countries, while the actual debt servicing cost on a cash basis is much lower, i.e.