But some analysts said the aid only bought Argentina some time and failed to squelch the prospect of more drastic measures -- including a restructuring of debt.
Editor's note: On Sunday, the left-leaning Syriza party and its leader Alexis Tsipra won a decisive national victory in Greece, partly on pledges to reduce current austerity measures and to seek a restructuring of debt commitments to European partners.
However a restructuring of debt would make the long-term economy more viable and recovery easier, so any new debt taken on would be more likely to be paid back.
Essentially, the numbers indicate a restructuring of consumer debt into mortgage debt, Stephanson says.
While other European conditions may not require a restructuring of government debts, she said, "there is a pressing need to facilitate a restructuring of private debts, notably those of financial institutions".
Greece would probably have defaulted and there would have been a restructuring of its debts.
Greek bonds led declines among euro area nations on Friday on concern a restructuring of its debt would reignite Europe's sovereign debt crisis.
With a bankruptcy petition filed under Chapter 13 of the Bankruptcy Code, however, the person filing the petition is basically asking for a restructuring of the debt rather than the total discharge of all debts.
Sovereign-debt lawyers say that in some ways a restructuring of Greek debt would be easier than many people think.
Together they should demand, and instigate, a restructuring of Greek debt.
