Private creditors took a haircut. Government owned entities, including the German and French national banks did not take any kind of haircut at all. And at th

Private creditors took a haircut. Government owned entities, including the German and French national banks did not take any kind of haircut at all. And at that time, it was clear that the debt write down wasn't enough --- but for political reasons, the German and French national banks didn't take a writedown, but instead pushed the Troika to play a game of "extend and pretend". (i.e., let's pretend Greece will eventually be able to make the German and French banks whole, no matter what the cost to Greece.)