There is a story that the Greek government is aiming for a 66% participation rate. My sense was that Troika were saying 90% and thinking 99%. While 66% seems far more likely, I have no clue what it does for the deal. That seems like a massive failure to communicate. And why bother introducing retroactive CAC’s if the goal is 66%? And why, so far, aren’t they threatening holdouts with negative consequences, as opposed to hinting that par payments are coming.
33% of holdouts would cost the Troika an extra 35 billion or so versus 100%.
I see that headline and I just can’t believe everyone is reading the same script, let alone on the same page.