Howeverthe restructuringis pitched, Greecewillbe in default, so a planto recapitalisebanks hit badly by this, starting with Greece’s own, will be neededtoo.
This case was a class action on behalf of borrowers who discharged their debts in bankruptcy but were still shown to beindefault on their credit reports.
If Greece were to default - or seen to beindefault - it would mean massive losses for European banks that hold Greek debt, including the European Central Bank.