[apocalips]

So why can’t the Greek bondholders insert a retroactive clause into their bond purchase agreements to preemptively nullify any retroactive collective action clauses inserted by the borrowers. For that matter why can’t I insert a retroactive clause into my employment contract giving myself a big bonus every year. The possibilities are endless. Also how can a default not be a default? Someone needs to explain to me in words of one syllable how contract law is going to work in this period of such creative “innovation”.

[Author]

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