Another key condition is that Athens agrees with private creditors a deal to write off some of its debts.

First, the two parties reach agreement and private creditors take the hit.

This could lead to a bigger "net present value" loss of 60% to 65% for private creditors.

The London Club is an informal group of private creditors on the international stage.

The London Club is not the only informal group of private creditors.

That policy called for lending to countries in difficulty before they reached agreements with their private creditors.

The task to negotiate a final deal, also including the private creditors, was handed over to the Greek politicians.

It is also the Philippines' largest private creditor, with a $1.6 billion exposure.

The remainder of the debt is held by private creditors.

That also has to be discussed with private creditors.