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The economy of Greece has been faced an unprecedented economic recession phase since 2008. This recession has been the result of fiscal and debt crisis and had as major impact the cumulative decline of GDP by 25%. In the context of debt crisis, a large “haircut” on Greek Government Bonds was decided in order to relieve the debt burden. Greek banks were the major bondholders, thus their involvement through the PSI (Private Sector Involvement) process had a lot of negative impacts on them. In the present dissertation we are going to analyze these impacts.