So the protected classes owned 56 billion of Greek debt. They allegedly plan on getting paid out at par – though maybe it will be at cost. They definitely concentrated their portfolio at the front end. Not only are they due to receive 4.7 billion euro on March 20th, but they are owed 15.9 billion euro in the next 14 months. The Troika will be loaning Greece money to pay back these loans. If they really wanted to help, why not write down the debt to cost? Why not extend to 30 years with a 2% coupon? If anyone can just hold it to maturity and not care, it is the ECB. Maybe they will come up with a plan like that, but getting paid par, especially in the near term feels like theft – from Greece and other bondholders. I wonder how much of the 8 billion of payments made in December went to the ECB? I can’t help but think Greece would be a lot better off had they got a deal done in December and didn’t throw away the entire 8 billion in between voting in more austerity measures.