Greek "Rollover" Bailout Proposal On Verge Of Collapse, After Germany Puts Bond Swap Idea "Back On The Table"

http://www.zerohedge.com/article/greek-rollover-bailout-proposal-verge-collapse-after-germany-puts-swaps-idea-back-table

So who controls the fate of Europe now? Why hedge funds of course.

Analysts said banks were likely to have sold off short-term Greek debt because it trades at a smaller discount to face value than does longer-term debt. Meanwhile, hedge funds and other investors, who are likely to have bought up the paper, are less likely to be persuaded to engage in the debt rollovers being proposed by euro-zone governments.

Funny: it was precisely a month ago that we explained why "every single Greek bond in recent weeks has been purchased by hedge funds who have remembered that the economics of "nuisance value" when the upside of bluffing the EUR printer is virtually unlimited."
Ah irony: prepare for a massive scapegoating campaign aimed at hedge funds any second, only a diametrically flip flopped one: this time instead of accusing hedge funds of shorting Greece and Europe by being short various sovereigns by being long CDS, hedge funds are about to get bashed in the media everywhere for being... long paper.