Buchheit "CACt" nur allzu gerne..... Slight more than half of the bonds are under Cypriot law and these can be dealt with by a retrofit collection action clause à la grecque

“The holdouts in a bond restructuring will eat you alive.” 

Answer -- maybe so, but probably not. Slight more than half 
of the bonds are under Cypriot law and these can be dealt 
with by a retrofit collection action clause à la grecque. Each
of the English law bonds contains its own collective action
clause. We have elsewhere speculated on a broader
measure that the Eurozone could take to discourage
prospective holdouts.
1
(see
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=220570
4).
There are no painless or riskless options in Cyprus. But the
decisions of Friday night should stand for the proposition that some options
are incandescently more painful and risky than others.

http://ftalphaville.ft.com/files/2013/03/SSRN-id2235359.pdf