If Greek bondholders don’t accept the terms of the bond swap, the Greek government will invoke collective action clauses, according to the finance ministry.
They will do so because the EU-IMF bailout cannot proceed without the bond swap. If that happens, Greece will restructure its debt with on different terms than the ones in the current deal.
Terms like “zero” would become operative, in that case, it goes unsaid.
The deadline to accept the deal is Thursday on Greek-law debt and April 11 on foreign-law debt.
