That will no longer be the case if the currently proposed debt exchanges go through; the new contracts, written under English law, protect investors a lot more.

如果最近提议的债务交换能通过，希腊的随意发挥则不再是值得讨论的问题。 因为在英国法律下书写的新合同更多了是保护投资者利益。

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It is among the most active futures broker on exchanges in Chicago, New York, London and Singapore and a player in cash foreign exchange, international equities and debt markets.

该公司是芝加哥、纽约、伦敦和新加坡交易所最活跃的期货交易商，同时涉足外汇、股票和债券市场。

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In debt exchanges, companies typically ask creditors to swap current debt for equity, new debt with a lesser value that matures later, or a combination of the two.

WSJ: Choices Shrink For Subprime Set

One way to encourage them along the road to the financial guillotine would be through debt exchanges whereby their devalued bonds would be swapped for claims on debt guaranteed by the EFSF.

ECONOMIST: Why the debt crisis is so hard to resolve

These hedge funds have previously rejected exchanges of their defaulted debt in 2005 and 2010.

BBC: Argentina default on debt likely, says Fitch