Ireland, Spain, Portugal are right behind (the UK with its $8T in debt is also in MAJOR trouble)
The real news is ECONOMIC GROWTH across the Eurozone will be clobbered on austerity measures starting with the major losses the 50% haircut players will start experiencing, many in Greece, including many pensioners.
"Deal" and the EFSF are JOKES in the extreme -- kicking the can only.
Making the 50% haircut 'voluntary' saves the CDS payments from kicking in, but also means that few banks are going to pony up to the window to cash in and take the loss. They are hoping that the other banks take losses, so that Greece can pay 100% to whomever doesn't cash in their bonds.
If the EFSF starts guaranteeing part of future bonds, we will start to see two classes of bonds emerge - the 'old' non-guaranteed bonds, and the 'new' guaranteed bonds. Who in their right mind will want to hold the 'old' ones?
Yeah those Euro regulators sure arm twisted the "on-continent" banks into caving in on the deal and not trigger the CDS. Calls into question somewhat the underlying validity of the CDS in the first place.
"Off-continent" CDS holders still have their hands on the triggers however.