PSI – Accrued Interest…

I have to admit, I’m a bit confused by their plans.  Below 75% and no deal, so hard default?  Between 75% and 90% they consult with Troika what to do?  Above 90 they proceed with proposed amendments put in effect – so it seems above 90 they do CAC.  Between 75 and 90 they have more meetings?  I have read this segment a few times and am more confused than before they sent it out.  They all talk about 2/3 being necessary for the CAC to kick in, which doesn’t tie out to anything else in the document.

On something simple, it looks like they didn’t allocate enough money for accrued but unpaid interest.  I get that accrued but unpaid interest on Greek Law Bonds alone is almost 6.5 billion euros, yet they only allocated a maximum of 5 billion?  And the 6 month EFSF note you get, will be a zero coupon.  I’m assuming either I made a mistake on my accrued interest assumption or this is just an oversight on their part.

In spite of the IIF’s press release stating 20 bonds, it will be just one amortizing bond. If the deal is successful, that will be one of the biggest bonds in the world.  I like the 3.65% coupon in 2021.  How many hours were spent negotiating that one coupon?

If anyone else can figure out what the accrued but unpaid interest is on all the bonds in the list is, I would be curious to know.  If they really are off by over 1.5 billion euros it would explain a lot!