Greeks 'planning debt restructuring'

http://www.guardian.co.uk/business/2011/apr/22/greek-reported-to-be-restructuring-debt

I read somewhere that a 50% haircut on bonds will wipe out Greek banks as they are completely insolvent.

A 20% bond haircut will cost the banks more than 50 billion or so.

Short Greek banks , or short some specific European banks would be interesting trades.