Nothing’s ever easy in the Greek saga. The FT notes the risk that other Greek bondholders could oppose the ECB bond swap with Greece, saying it gives the bank special treatment.
However, the deal secured by the ECB for its Greek holdings could undermine its intervention in other eurozone government bond markets, by raising fears among private sector bondholders that it would also receive preferential treatment in any future bail-out. It could also trigger legal action by other Greek bondholders arguing the ECB has received unfair treatment.
The other tidbit in the article that advances the story is word that the deal applies only to bonds held by the ECB itself and not the bonds owned by national central banks
