Kind of, but not exactly.. They exchanged many of the short term loans with longer term ones, with conditions that demanded heavy austerity. The private banks t

Kind of, but not exactly.. They exchanged many of the short term loans with longer term ones, with conditions that demanded heavy austerity. The private banks took a big haircut after years of negotiation but the private loans were a small total portion compared to the public ones. The IMF readily admits how flawed their troika bailout was; http://www.washingtonpost.com/blogs/wonkblog/wp/2013/06/05/imf-our-greek-bailout-was-full-of-notable-failures/ http://www.washingtonpost.com/blogs/wonkblog/wp/2013/06/05/i...