The Eurogroup has approved a Greek plan not to pay out the approximately 6 billion euros of hold outs who own Greek bonds written under international law.
I think it’s nearing the time where we stop reporting on this story. It will be in the courts for years, maybe a decade. Argentina defaulted on internationally-written bonds in 2001 and it’s still in the courts. Moreover, unless Greece decides to them out 100% (a less than 1% possibility) or the bondholders agree to the full haircut (even less likely), it will have no effect on the euro.
