After harrumphing for months about how no default or haircut would be acceptable, Eurozone countries agreed to just that. Private bondholders are expected to lose billions as their current worthless bonds are swapped for new, also worthless bonds with a longer maturity and lower interest rate.
This will surely give the fairy princess ample time to swoop in and sprinkle pixie dust on everyone, and then make the Bad Debt Monster go away.
It also gives them more time to figure out how to gouge EU citizens even more to pay for the sins of the banksters.