If 95% of the bond holders agree to a 75% loss, that’s a default. Period.
I’d laugh but the US will be in the same situation soon enough.
Greece? Default?? My God! This is so unexpected!!!!
Oh, I don't know about that.
That's only true if the currency in question is an infinitely malleable one of dubious utility. It's only an issue if the currency is subject to the political compromises of a couple dozen parliaments. And it only matters if those parliaments routinely lie to each other regarding the rules of being in the currency.
Greece was seeking the well-understood objectives of the Euro: milking the Germans for all they're worth. Greece just got caught out first and exposed the scam. That's its sin.
Government Motors has already defaulted by shafting their bond holders. With help of the socialist in White House and his union comrades, GM bondholders equity was reduced to zero. That is both immoral and illegal since bond holders are first in line towards company assets. With that debt wiped out, Government Motors is doing just fine, thank you Mr. President.