Authorities in Athens are ready to enforce the controversial collective action clauses, or CACs,
to impose the restructuring deal on all bondholders as the number of voluntary agreements look set to fall short of the required amount.
Credit rating agencies have warned they will declare Athens to be in default if the CACs are triggered
which would be a dramatic culmination to a three-year rollercoaster ride for Athens, the eurozone and global markets.
Greek default looms as voluntary debt deal looks set to fail - Telegraph