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The 40-50% haircut in Greek bonds is already priced into the secondary market prices.

The issue here must be institutions which hold Greek bonds in "investment" books which are marked to "hold to maturity" values. Institutions which have Greek debt in "trading" books which are marked-to-market have already realised the losses.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Fri Apr 15th, 2011 at 05:57:06 AM EST
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