Greece steps up pressure in uncertain bond deal

Greece averted the immediate threat of an uncontrolled default on Friday when a sufficient number of private creditors agreed on a bond swap deal that will cut the country's public debt and clear the way ...

ATHENS (Reuters) - Greece averted the immediate threat of an uncontrolled default on Friday when a sufficient number of private creditors agreed on a bond swap deal that will cut the country's public debt and clear the way for a new bailout.

The Fitch ratings agency has downgraded Greece to "restricted default" after the country secured a strong majority of private creditors to participate in a bond swap deal that will wipe off about euro105 billion from its national debt.

A marathon nannycrat session ended with no deal as the IMF played hardball insisting Greece reduce debt to 120% of GDP by 2020. Not to worry, Jean-Claude "Lie When It's Serious" Juncker says progress was made.

I can't help laughing at the Financial Times headline story Athens threat to bond holdouts. Greece has threatened to default on any of its bondholders who do not take part in this week’s €206bn debt restructuring, raising the pressure on potential holdouts.

Greek default drama is much like the movie Groundhog Day. If you prefer a quote from Yogi Berra instead, then please consider It's déjà vu all over again. Every day for weeks we have heard a "deal is close". Moreover, on multiple occasions at the end of the week we were informed Greece "had" to reach agreement over the weekend or Greece would default. Let's hope this time someone really means it.