That’s what I meant, specially when u have a financial institution engaged in both a Greek debt holding onto which accepting a volunteer loss could be easily interpreted as a mean to escape honoring CDSs the same institution sold to protect against a Greek default. Clearly the loss acceptance will be perceived as the main and only motivation to artificially disguise the default into something else, that’s why I think it won’t work.

Now, pay a premium of up to 25% to access a better paper and a higher return overtime with a better guarantee with the EFSF kicking in to guarantee the interest payments also eligible as collateral with the ECB in a swap on a Greek initiative to manage its debt is to me a different case. It is key that the premium makes sense financially, is it paid to escape an obligation and contracts or is this decision an act that itself generates an added value, if it does, crushing CDSs isn’t the ultimate target?