Under the “designated” securities section of the Greek PSI offer, the principal amount outstanding is 9.77 billion. With 14.4 billion allegedly outstanding, that means the ECB owned 4.7 billion of these bonds. The ECB intends to get paid at par on these? With these bonds trading at about 25%, that is 3.5 billion euro of bailout money that would be going to the central banks in less than a month as nothing more than “windfall profits” (to put it kindly).
Who knows what deal will be struck by the ECB, or the accuracy of the “designated securities” list, but if the ECB used to hold 1/3 of the issue (remember they have new bonds with similar terms), that may change the dynamics of the process.