Market Already Pricing In Greek 25% NPV 'Haircut'

As we just reported, Reuters has broken news that Greece is starting to grow a pair and negotiate directly with debtholders on a much larger haircut on its debt than Dallara's IIF is hoping for. This is significantly bad news in terms of both the powers-that-be losing control, banks capital raising and writedowns, CDS triggers, and EUR stress. Given that GGBs are generally trading at 25% of Par out past 1.5 years, the market had begun to discount this already but it is clear that the game

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