A closer look at the Greek plans for a debt "haircut"

Greece's new government is holding its first cabinet meeting since the election of the leftist Prime Minister, Alexis Tsipras.

Opposition to austerity is at the core of its agenda but it will also push for half of Greek debt to be written off, bringing it down to a more sustainable level, a so-called "haircut".

The proposal has received a cool reaction from Eurozone leaders.

So why is it so crucial for Greece?

Mark Lowen cuts to the chase in Athens.