The EU-elites have got it completely wrong. The normal thing of a rescheduling is financial Armaggeddon for them but a haircut is something they talk about casually. Good grief!
Here is finally an article which explains that a default and/or debt rescheduling is the most natural thing when a country hits external payment problems (and not the financial Armaggeddon which EU-elites want us to believe). A haircut of sovereign debt after only 3 years of crisis, on the other hand, is an absolute no-no.