It’s official in 2041 Greece will be underwater, right alongside Atlantis.

Its official greece is in selective default. If you’re a holder of Greek bonds right now, (sucks to be u) maturities will be extended, but you have three choices.
One: You can do nothing, and hope that Greece pays you in full and on time.
two: Extend your maturities out to 30 years, and accept coupon of 4.5% in return.
Three: You can extend your maturities out to 30 years, take a 20% cut, and get a higher coupon of 6.42%. & the principal is guaranteed with zero-coupon collateral.
Four: You can extend your maturities out to 15 years, take a 20% cut, get 5.9%.