That does change things. Debt restructuring is a bit like musical chairs. If there was truly no group left to haircut, to avoid default this had to be done. On

That does change things. Debt restructuring is a bit like musical chairs. If there was truly no group left to haircut, to avoid default this had to be done. On the other hand, that €10B euro could have come from somewhere outside the country, especially since it was the forced Greek bond haircut that caused the crisis. I find it hard to believe that northern Europe isn't taking advantage of this crisis to increase their influence.