Inevitability of Greek Default on Sovereign Debt

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“The trading patterns of Greek bonds indicate that traders expect a restructuring, and they think it will be messy.”
And note to International Business Transactions law students – choice of law and forum clauses matter. “Greece’s negotiating position is improved by the fact that about 90 percent of its outstanding bonds specify that Greek law will determine any disputes — and of course Greece can change its laws if needed.”"

It seems the Greeks are taking a page from Barry's rules of finance.