In light of the current negotiations concerning the Greek debt, this paper conducts a valuation analysis based on the Present Value (PV) method. We explain the rationale for the PV method and use it to model a simplified representation of the Greek debt situation. We illustrate the effects of changes in the variables in the PV function and show that if the Greek loan interest rate was decreased by 50 basis points and the maturity of the debt was extended from 30 to 50 years, the effect would be equivalent to a haircut of roughly 59%.