"Transitory" Greek Default

As more news comes across the tape, we now learn that somehow Greece is expected to experience a default but not just any default: a "transitory" default. From Bloomberg: European officials are trying to orchestrate a second Greek bailout so that a default would only last for a few days, said two officials familiar with the discussions.

• New bailout may see bondholders swapping 90% debt outstanding between now and 2020
• 20% reduction in the net present value of Greek bonds
• ECB would set up a special fund using money from the EFSF, which would be used as collateral during the period that Greece is in default

So, translated: Greece, whose assets will collateralize a Debtor In Possession loan funded by the EFSF, will first transfer all liens to the EFSF first, while the country is under temporary default.
And Greece will emerge from default within a few days?
This sounds like yet another ironclad European bailout plan: naturally the aftereffects of a "brief" sovereign default are so much more benign that those of a "non-brief" sovereign default.

http://www.zerohedge.com/article/details-transitory-greek-default-emerge