Major - Greek default needed

[Freamon]

No, it's not the only option at all - bond holders will have to agree to restructuring and take a 30-50% loss

i.e. a default.

[AtW]

i.e. a default.

A default with partial repayment is much better than total loss.

I've left Russia to find new life in UK after default of 1998.

[Freamon]

A default with partial repayment is much better than total loss.

I've left Russia to find new life in UK after default of 1998.

So having previously said there were options that would allow Greece to avoid default, you are now saying that the alternative option is a default?

[AtW]

So having previously said there were options that would allow Greece to avoid default, you are now saying that the alternative option is a default?

The alternative is called "restructuring" - this is something when debters sign up to a deal which would restructure debts, most likely with worse terms for them.

[Freamon]

The alternative is called "restructuring" - this is something when debters sign up to a deal which would restructure debts, most likely with worse terms for them.

A restructuring where creditors don't get repaid in full is a default (which is what you said above).