So the European Central Bank (ECB) owns about $60B in Greek government bonds. I could be off on that number, but the point is that they own a lot of it. Something like 1/3 of all Greek bonds not held within Greece are owned by the ECB.
Just like the Fed, the ECB can print money.
The ECB is refusing to renew their Greek bonds when they mature. They're going to dump the things onto the open market instead of hold them and roll them over.
If a huge organization like the ECB, which can print money is getting out of the market for Greek debt, what idiot would hold on to them?
Talk about a catalyst for a run on the stuff! If that's not it, nothing is. I think all the desperately hopeful folks are waiting for the rest of the EU to use their taxpayers to make good on the Greek bonds in an effort to stave off default.
Crazy days are ahead for the EU.