If not, and I think it cannot, then the "Brady Bond" solution applies to just 25% of Greek debt.

BBC: The state of play in Athens

First, in the Brady Bond initiative, lenders to LatAm clearly lost money.

BBC: The state of play in Athens

Officials have apparently dubbed this a "Brady bond but entirely private".

BBC: France's private support for Greece a matter of degree

So when, below, you read about the "Brady Bond" solution applying to the private sector, the first thing you have to ask is which part?

BBC: The state of play in Athens

Anybody in a ratings agency who equates a 1989-style Brady Bond with what is being proposed now might stand guilty of that old "structured by cows" problem.

BBC: The state of play in Athens

The whole situation boils down to this: because a nonperforming bond is worth less than 100% of its face value, the Brady bond replaces the defunct debt as a new asset.

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If Angela Merkel and Nicolas Sarkozy can stomach the political backlashes in Germany and France, a TARP or Brady Bond type of solution would likely please the market and propel stocks higher.

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Okay, so what is a Brady Bond?

BBC: The state of play in Athens

The so-called Brady bonds, trading at 60 cents on the dollar, are supported by 30 cents per bond in U.S. Treasury holdings, making for a floor in value.

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