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But private bondholders were hit disproportionately hard.
If it happened today, private bondholders could bear most of the losses, according to Breakingviews calculations.
When "haircuts" were imposed on private bondholders the euro zone got the worst of both worlds.
Step one is to force private bondholders to take more losses.
But the commission would probably insist that private bondholders also accept slower repayment, S.& P. said.
When asked whether this meant greater pain for private bondholders, he refused to elaborate.
Nor are they confident that enough private bondholders would agree to such a large cut.
It stands to make a profit on them, which riles private bondholders.
But it will do so only if negotiations with private bondholders can be completed successfully.
The money required to get private bondholders to take losses cannot be delayed if Greece is to avoid default.
This could involve private bondholders agreeing to roll Greece's debts over and governments helping Greece buy back its bonds.
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