“Voluntary Exchange” of Greek Debt? And There Goes Another Market

http://paulgregorysblog.blogspot.com/2012/03/voluntary-exchange-of-greek-debt-and.html

“Voluntary Exchange” of Greek Debt? And There Goes Another Market

Greece’s long term problem is that lenders do not trust it to meet its obligations. I trust that memories are long. Such arbitrary action against private lenders and against holders of credit default swaps will only delay Greece’s return to credit markets.