I don't really know. Some mixture of betting that Greece won't default and banks acting as a dumping ground for bad debts (someone has to end up owning it), I

I don't really know. Some mixture of betting that Greece won't default and banks acting as a dumping ground for bad debts (someone has to end up owning it), I guess. And yes, all numbers are face value. The market value of all that greek debt is...well, VERY much an open question right now. :)