The coupon payments will even pass through the central government's systems, just as Shanghai's customs revenues once passed through foreigners' hands.
Behind the scenes Germany has been pushing for Greece to "reprofile" its debt-a soft form of restructuring that would leave principal and coupon payments intact but extend bond maturities.
On the other hand, absolute risk is lower than for equities because coupon payments cannot be waived and, in the event of a default, bondholders are ranked highly among creditors.
