Private sector involvement (PSI) in the second Greek bailout is expected to get underway on Friday, according to sources, in an effort to write off EUR107bn of Greece's debt -- the biggest sovereign restructuring ever attempted. The country's financial adviser is Lazard, but Deutsche Bank and HSBC are the dealer managers on the EUR206bn debt swap, which includes the controversial retroactive collective action clauses (CACs) approved by the Greek parliament. Greece must get nearly all of the debt held in private hands to take part in the swap in order to start receiving the EUR130bn of bailout monies that was agreed ... (full story)