This is a crock...Selective default my ass..basically what she's saying..is that if Greeced owes a bank, say $100 mill..and it's now due...it will write that diwn ( the haircut) to say..$50 mill...BUT...they won't pay me back the $50 mill...no..I the creditor, will "agree" to roll it over..and hope that Greece pays me back..later on...
ain't gonna happen...whole thing is a fraud...because there is NO pain to Greece..
europe pretends to bail out greece and greece pretends to collect taxes.
meanwhile her guitner just put the us taxpayer on the hook via the IMF. (for ALL EUROPE!!!!)