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However, the full details of the new debts are not available, so it is unclear exactly how much money the government might stand to save.
BBC: Anglo Irish Bank debt deal gets ECB clearance
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However, given the full extent of unrealized bad debts in Europe, it is hard to see why anyone should rule out depositor levies being imposed elsewhere in the future.
FORBES: Cyprus Deposit Levy: No Panic Yet But Scary Long-Term Consequences
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The relatively high current interest rate reflects the low expectations of lenders that the government will ever be able to repay its existing debts in full.
BBC: Jamaica agrees $750m IMF loan terms
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It restricts the activities of "vulture funds", which buy up the debts of poor countries at low prices often taking them to court to recoup the full value of the debt.
BBC: Debt Relief (Developing Countries) Bill
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The company reported underlying sales growth of 13% in the third quarter, but said increasing bad debts and a currency hit would impact full-year profits by 2.5%.
BBC: Aggreko shares down on profit warning
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But also, just like the awakening in 2007 to the idea that many of the housing loans and associated financial products were worthless, so there is a growing fear that a number of financially overstretched governments, especially in the eurozone, will not be able to repay their debts in full.
BBC: The origins of today's market mayhem