Greece debt buyback

In June this year i received a comment on my OPAP analysis. The commentator expressed that the Greek state could buy back his own debt at a discount of over 80%.
In my reply i dismissed this idea because of a) the lack of money to repurchase and much more important b) the price increases of the bonds since capital market participants would start accumulating Greek government securities themselves.

I haven't changed my opinion, still think its bogus, however according to recent media reports this idea is becoming popular with influential politicians.

Now, after the agreement on further payments for Greece, on part of the deal seems to give Greece time to implement a buyback program.
This article states that the new cash will be used to repurchase bonds. The program is to be completed until December 13 (although i would be careful with Greek time scheduling)
Obviously it finally became clear to all politicians that Greece will not be able to meet its targeted debt levels (how should they?). A further haircut is politically not wished (Merkel ala "saving Greece will cost German tax payer no cent"), so a buyback is the way to go.

Winners: Hedge-Fonds, Speculative Investors making huge gains in short time.
Looser: Greek people and economy not receiving any (or less) aid money; EU still to coward to execute real solutions.

Update 28/11: Greek banks will suffer too since if they accept the buyback, they will take the loss resulting from nominal amount (that is in their books) - buyback offer.
This articel (German) states a range between 30%-35%  as a buyback offer, depending on mark to maturity. The offer is said to be lower than the last quotes on the 23. of November. By then a lot of Hedge Funds already got involved, as on can clearly see in the increasing prices.


/Edit 17.07.2013: Now the 10 bn used in the buyback seem to be missing, funding gap. Frustrating...