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The report said that deal discussed by Greece and private creditors, represented by the Institute of International Finance (IIF), envisaged a 50 percent nominal reduction in the value of their holds of Greek government bonds.

Of the remaining 50 percent, investors would get 15 percentage points paid in short-terms notes issued by the euro zone bailout fund, the European Financial Stability Facility (EFSF) and 35 percentage points in 30-year bonds amortizable after 10 years.

The coupon on the bonds would be 3 percent between 2012 to 2020, then rise to 3.75 percent from 2021 until maturity. Investors would get an additional interest payment linked to Greek GDP growth, which however, would be capped at 1 percent of the outstanding amount of new bonds.

"The creditor participation rate is assumed to be 95 percent," the report said. For every 5 percent decline in the participation rate, the 2020 debt-to-GDP ratio would climb by 2 percent.