Wouldn't be too quick to jump in. While the Greek parliament passed a framework for austerity, the "real" implmenting legislation is due for a vote later this week (tomorrow, I believe) and that is where the rubber will hit to road, and it will be much tougher.

As to who holds the debt, as I understand mainly European banks. They're being strong-armed to "voluntarily" roll over the near-term maturing debt. Even though it's voluntary, the implication is pretty clear - if they don't, then default is practically imminent. So, in effect they're faced with becoming long-term equity holders in the state of Greece.