In the light of the 85.8pc of bondholders supporting the Greek debt swap, resulting in the triggering of collective action clauses to force across the board losses, it is worth re-reading an article by Mark Grant on Zerohedge:

http://www.zerohedge.com/news/ecb-has-opened-pandora%E2%80%9...

I cannot imagine why any private individual or organisation (which is not in receipt of cheap LTRO cash) would wish to hold Portuguese, Italian, Irish, Spanish or French bonds. The fact that the ECB will not participate in losses on periphery bonds were they to arise means that the risk of losses is massively concentrated in those bonds owned outside of the ECB.

Germany really has let Greece hang out to dry through what looks to me to be a disgraceful disregard of property rights, and I for one will never buy a periphery bond in my life time.

3chimp