The pretence that Greece has not defaulted because bank/bondholder losses will be "voluntary" is nothing but a figleaf. The king has no clothes. If the EU/ECB insists that there must be no default in payments to senior bank bondholders, whether guaranteed or not - even by an entity such as Anglo Irish, which is no longer a bank, to shore up other European banks and the euro - there must be a quid pro quo...
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