Gulati, Mitu; Zettelmeyer, Jeromin - C.E.P.R. Discussion Papers - 2012
large creditors whose failure to participate in a debt exchange could trigger a Greek default, but may not persuade smaller … according to plan, but much better if things do not. They will accept this instrument if (1) the risk of a new Greek debt … its bonds to voluntarily exchange their existing bonds for new bonds that pay roughly 50 percent less. This may work with …