PeterS237,
measured in terms of netto actual value, you don't get paid 46.3€ for every 100€ but only 27€ !!! And this of course if Greece should manage to repay their remaining debt, which of course will never happen because their economy has taken a severe beating and it will take years to recover, in case they will ever succeed. That's why those new bonds are valued on the "grey market" at 20%, so 20% from 27€ leaves you exactly with 5.4€ for every 100€ for the old bonds. That's a loss of exactly 94.6% close to 100% (equals default)...
GO4IT6
News 
Market Data 
Discover 
