Despite the threats and empty rhetoric from the Greek government, and others within the Eurozone, investors in Greek bonds issued under foreign law have not rolled over and acquiesced to threats; instead they have rejected Greece's attempts to restructure the debt at meetings held last week.
In 20 out of 36 meetings, bondholders either turned down the government’s proposal, adjourned the talks or failed to achieve a quorum.
What happens now?
Oh, that's easy, Greece has yet again postponed the "deadline" (from 4th April) to 18 April!
Oh, and by the way, there is a payment due today on some bonds relating to Greek railways.