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On Thursday night the Greek parliament approved new collective action clauses (CACs) for the deal, which will make the acceptance of the tender by the majority of bondholders automatically binding on the others.

[Monitor]

Bondholders will be asked to voluntarily take a 53.5pc hit on their bonds by swapping them for new instruments worth 46.5pc of their current value.

Man, that's not a haircut, that's a voluntary castration!

[Oatka]

Bondholders will receive two-year bonds issued by the EFSF and new Greek bonds that will mature over 20 years.

Reminds me of a guy at a gun show who said he had a dog worth $1,000. He knew it was worth that much because he had traded two $500 cats for it.

Here's an interesting snip from a Socialist website that could be applied to the U.S. (wheat amidst the chaff):
"The purpose of the so-called “aid packages” for which The Greek population must sacrifice is not to help the people, but to enrich the banks, hedge funds and speculators."

the rest is HERE.

[M Kehoe]

Why did I think about dominoes when I read this article?

5.56mm