In Athens, the voluntary deal seemed unobtainable weeks ago. So last month politicians approved of Collective Action Clauses (CACs) being inserted retrospectively, if necessary. These CACs allow the government to foist the deal on all bondholders if 66pc of those who vote approve the deal. So the deal will get done, but this time the coercive element can't be ignored: rating agencies have said they will declare Greece to be in default. The International Swaps & Derivatives Association (ISDA) is also likely to reconvene to decide if the credit default insurance ought to be triggered.