Identify the investors (long-term and short-term bondholders) that took a larger haircut.

Read the case study The 2012 Greek Default and Subsequent Debt Restructuring on page 208 of the text. Then, in a four to five page paper do the following: Explain why even though the swap of obligations was offered to all investors regardless of which bonds they were holding that different investors losses were not the same. (Hint: Steps to answer this question are outlined in the case study. Be sure that you summarize your work in your paper, [e.g., graphs and/or tables]). Identify the investors (long-term and short-term bondholders) that took a larger haircut. Explain why these investors saw a greater haircut. (Hint: Steps to answer this question are outlined in the case study. Be sure that you summarize your work in your paper to show how you made the determination). Do a comparative analysis between the yields highlighted in Figure 6.7 of the case study and the yields when the assumption that the price of the existing bonds equaled the value of the new bonds. Then, explain your analysis and specifically highlight what you feel would explain the difference between the two.