In this paper, a semi-analytic solution of the problem associated with an elliptic inclusion embedded within an infinite matrix is developed for plane strain deformations. The bonding at the inclusion-matrix interface is assumed to be homogeneously imperfect. The interface is modeled as a spring (interphase) layer with vanishing thickness. The behavior of this interphase layer is based on the assumption that tractions are continuous but displacements are discontinuous across the interface. Complex variable techniques are used to obtain infinite series representations of the stresses which, when evaluated numerically, demonstrate how the peak stress along the inclusion-matrix interface and the average stress inside the inclusion vary with the aspect ratio of the inclusion and a representative parameter h (related to the two interface parameters describing the imperfect interface in two-dimensional elasticity) characterizing the imperfect interface. In addition, and perhaps most significantly, for different aspect ratios of the elliptic inclusion, we identify a specific value (h*) of the (representative) interface parameter h which corresponds to maximum peak stress along the inclusion-matrix interface. Similarly, for each aspect ratio, we identify a specific value of h (also referred to as h* in the paper) which corresponds to maximum peak strain energy density along the interface, as defined by Achenbach and Zhu (1990). In each case, we plot the relationship between the new parameter h(*)and the aspect ratio of the ellipse. This gives significant and valuable information regarding the failure of the interface using two established failure criteria.