Whether officials dress up a Greek restructuring as a "reprofiling," "rescheduling" or "voluntary bond exchange," it would be widely understood as a default.
Depositors have shunned the voluntary bond plan in large part because they have no faith in a government that has already confiscated their savings once and also defaulted on most payments on its $141 billion public debt.
At the same July summit meeting, Europe's leaders acknowledged that some Greek debt was unpayable and proposed voluntary bond swaps that would write down Greek obligations by roughly 21 cents on the dollar.
It's also a place where "you" are composed entirely of your words and actions: something that breeds within and around many games an often extraordinarily complex network of conventions and debates that are integral to a community held together only by voluntary bonds.
In 1774 he wrote A Summary View of the Rights of British America, which was quickly published, though without his permission, and catapulted him into visibility beyond Virginia as an early advocate of American independence from Parliament's authority; the American colonies were tied to Great Britain, he believed, only by wholly voluntary bonds of loyalty to the king.
A promisee has a right because promisees have some interest in the performance of the promise, or (alternatively) some interest in being able to form voluntary bonds with others.
A voluntary bond swap, where private sector firms 'volunteer' to take a 53.5% haircut on their assets.
The uncertainty, financial analysts say, has led European officials to push for a "voluntary" Greek bond financing solution that may sidestep a default, rather than the forced deals of other eras.
These fans like Buffalo Bills fan Keith Bull, though all of them don't cry and shake, build a bond to their team, a voluntary binding contract.
The inflation-fighting credibility of central banks is not vulnerable to voluntary purchases of bonds, public or private, made with reference to clear and long-held economic goals.
