Natixis is considering the possibility of a complete Greek debt cancellation and characterizes it as the worst-case scenario.

Natixis wonders if this could cause a generalized crisis in the Eurozone, corresponding to the one in the winter of 2011-2012, and explains why it does not consider it a viable possibility.

According to the worst-case scenario, a new Greek government cancels the entire debt not in the hands of Greek nationals, estimated at 255 billion euro.