The advantage of a par bond is that Greece’s creditors – banks, insurance companies, and pension funds – would be able and allowed to continue valuing their Greek bonds at 100 cents on the euro, thereby avoiding massive losses on their balance sheets. That, in turn, would sharply contain the risk of financial contagion.
票面债券的优点在于，希腊的债权人——银行、保险公司和退休基金等等——能够以十足的价值来为它们持有的希腊债券定价，从而避免资产负债表上的巨亏。那样一来，还可以大大减小金融传染的风险。