But one tranche will benefit.
Central banks don't own just one tranche of government debt; they are invested across a range of maturities.
Euro zone finance ministers are to decide Monday on the release of a €4.2 billion tranche of aid for the first quarter of the year.
Greece needs the funds from the €8.1 billion tranche being reviewed to buy back €2.2 billion of its bonds due in August.
The EU has ratcheted up pressure by holding back €1 billion ($1.24 billion) of a €5.4 billion tranche of help in May.
According to the Lockerbie compensation agreement, Libya, which has already paid one tranche of indemnities, will pay a final instalment once it is removed from this list.
That disclosure highlighted another feature of securitizations, that a single move can be disastrous for one tranche and good news for another.
Reaching agreement on measures intended to make the Greek debt sustainable is a precondition for releasing the €31.5 billion tranche of aid that Greece needs to stave off bankruptcy.
Panicked officials are racing to plug a gaping hole in the budget and accelerate reforms in the face of speculation that international lenders will withhold the next €8 billion tranche of the country's bail-out.
One tranche of that issue, originally rated AAA by Moody's, Fitch and Standard & Poor's, now has a CC rating from S.& P., which is about as low as you can go before default.
The recession is expected to last until 2013, with unemployment likely to exceed 20%.Until Mr Papandreou stepped out of line, Greece was due to receive another €8 billion tranche of its current bail-out loan, enough to cover wages and pensions until the end of the year and pay back some €2 billion of debt maturing in December.
