Dr Monastiriotis argues that, despite Mr Asmussen's assertion, the ECB will agree to help fund the extension by delaying the repayment of its Greek bonds.

BBC: Funding the gap: Where next for Greece?

So this means no repayment of principal on these bonds for 27 years.

FORBES: Ireland's Promissory Note Deal

High River, which owns some of Realogy's senior bonds, alleges the repayment of its securities would be unfairly delayed under the debt deal announced last month since it may give new debtholders certain benefits such as moving them up on the repayment list if Realogy goes bankrupt.

FORBES: Magazine Article

It is probably encouraging that there is growing talk among European regulators and ministers that the eurozone's bailout fund, the European Financial Stability Facility, should be able to buy Greek bonds in the market and then only demand repayment from Greece of the price actually paid for those bonds, the amount actually invested in the bonds.

BBC: Practical steps to prevent eurozone meltdown

In fact, because the transition to the bonds being held in private hands in the new arrangement is slower than the repayment of ELA under the old arrangement, the flexibility to cancel or default on these obligations in a crisis scenario is more significant than it was previously.

FORBES: Ireland's Promissory Note Deal

Government debt amounts to over twice the size of the economy and higher rates would vastly increase the government's repayment burden as it continually sells new bonds to finance its deficits.

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