Veterans scoff at the idea of any restructuring being truly “voluntary”. The more creditors can determine terms, the less likely it is that Greece's debt burden will be materially diminished. That is one reason why the idea of retiring Greek debt through bond buy-backs at current, depressed prices seemed likely to fail: it would simply tend to drive prices back up again, defeating its purpose. That option is no longer on the table. But another, the “reprofiling” of bonds, is being actively considered.

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