How voluntary was the haircut agreed by holders of Greek bonds?

And interest rates on the Greek five-year bond have shot up from less than 5% prior to the crisis to nearly 30% today.

So how would you feel if your pension fund was invested in Greek bonds tomorrow?

In fact they should have downgraded Greek bonds years ago.

Greek bonds are trading at about half their face value.

Meaning, there are going to be claims by all those who have insured the value of their Greek bonds.

Last Monday - one week ago - there was already an issue surrounding Greek bonds being at an interest rate of nearly 6%.

Here is a look at what has happened to the yield on Greek bonds over the past 14 months:

Unfortunately, this makes people who have Greek bonds nervous, so they want to sell them and not buy any more.

March - €5 billion in 10-year Greek bonds sold - orders for three times that amount are received.