Investors' big fat Greek choice

Bondholders are faced with deciding if and when Greece will face a 'hard' default further down the road

The default is done, long live the default debate. Greece's latest bailout includes a "soft" default, with private investors being asked to accept a "voluntary" debt restructuring.

But the menu of choices on how to take that pain immediately forces them to decide if, and when, they think Greece faces a "hard" default further down the road.

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