private greek debt holders are forced to take a 50%+ haircut, central banks are insulated from losing hair and the sellers of CDS are off the hook since it is not a credit default.

Sucks to be a private investor!

This is the model by which all other haircuts are going to be adminstered as the CB's and friends remain and gain further wealth from the private investors who are hapless.

Isn't fascism a wonderful thing?

orgy

hmmm maybe mj can be legalized by shifting the war on drugs to the war on private investors who are being forced to go black market activities ... the only ones who will be hurt than are organized crime, who can get back respectable business like loan sharking and selling stolen goods.