Greece is attempting to force its bondholders to accept a 60% haircut.
As I noted in September last year:
"..the Greek haircut of 50% that everyone is talking about is of course nonsense."
In order to achieve this haircut, and to ensure that bondholders "accept" it, Greece is to introduce retroactive collection action clauses to bonds.
These will permit some high level of bondholders to agree on an alteration of terms of principal, interest rate or maturity date
This means that debt that is easy to restructure (ie what Greece currently has on its books) is being exchanged for debt that will be impossible to restructure (ie Greece has sold its soul to the devil - the Troika).