The Greek debt trouble is still not settled. Some private bond holders may not agree to swap their current sovereign holdings for paper worth about 70% less. The absence of a deal could by itself apparently undo all of the effort by Greece’s neighbors, the EU, and, indirectly, the ECB to fashion a bailout. Seventy-five percent of the private holders have to agree to the new terms. The acceptance rate could still be short of that. It is hard to see what “hold-outs” would gain. If Greece defaults entirely, the value of their paper could go to zero.
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