ECB bond swap to avoid collective action clauses: Reuters

Looks like the ECB is dumping its Greek debt so that the bonds it holds does not get caught up in use of collective action clauses to impose a restructuring on reluctant private bond holders, Reuters says.

The bonds, bought at a discount to face value, will be swapped at their face value, Welt reports.

I guess we can conclude that Greece will put CACs on their outstanding bonds.