The return of the Greek buyback (boondoggle)

We’re feeling very nostalgic. From the WSJ:

Euro-zone countries are considering a proposal that would see Greece cut its debt by buying back bonds held by private creditors at a discount.

The exercise–one of a number of options being studied–could persuade the International Monetary Fund to sign off on a loan payment desperately needed by the debt-laden country and keep Greece’s bailout on track for the medium term, two officials with direct knowledge of the discussions said Thursday.