> Convert all existing debt Would that include the debt from northern European banks already offloaded onto them? Because that seems like an equally terrible d

> Convert all existing debt Would that include the debt from northern European banks already offloaded onto them? Because that seems like an equally terrible deal. "We're going to bail you out with a loan, the balance goes to your creditors, you're responsible for repayment, and everyone is pissed at you because we told them we were giving you cash."