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" ... As to why it is being done this way this is simply domestic politics in the other eurozone nations. For if the voters got wind of the idea that their own politicians had spaffed away €100 billion of their money they might decide to march on the government offices with burning brands and waved pitchforks. Or, what's worse for a politician, decide to vote for someone else. Someone who didn't waste the taxpayers' money on some ludicrous political chimaera like "European union". So, we can have all the real haircuts we want on that debt through inflation, the time value of money, payment holidays and the rest. But we cannot and must not have nominal cuts in that debt burden because our own people might find out how profligate we've been with their money. ... "
" ... The next issue is the actual size of the debt itself. Greece is insisting that the headline amount, the capital number, must be cut. Everyone else is insisting that it cannot be. This is purely political: Tsipras needs to be able to tell his voters that he's got the debt cut. And everyone else needs to be able to say that they haven't spaffed away their own taxpayers' money. Economically this can be dealt with (as it already has been in part) by changing the terms. Just extend the maturities and lower the interest rates and it amounts to the same thing. But Tsipras needs the headling number cut, not the economic equivalent, and everyone else can give him the economic equivalent but not the headline cut. ... "