The second phase of the Greek debt restructuring is proving much more difficult than the first, which was no walk in the park itself.
The holders of foreign law bonds are pushing back against the terms of the restructuring. If Greece manhandles those bondholders the ay they did the holders of Greek law debt, the fear is that European sovereign debt as a whole will become a less attractive asset class as the market will rightly fear that the rules as written, no longer apply.
Zero Hedge had a piece on this early, suggesting Greece could default on the remaining debt on May 15, which has helped undermine EUR/USD and EUR/JPY this morning.