Either our professional tolerance for what people do in their off-hours will rise or our overly-examined lives are going to start to become repressed and boring ones.
Few people are going to be overly impressed by debt reductions accomplished by issuing other forms of capital to replace them (and in this case, raising more new capital than the amount of the senior debt repayments).
But there is no denying the game of musical chairs going on in Europe, where overly indebted countries like Ireland borrow money to finance bailouts of their neighbors only to later receive a bailout themselves, all in an attempt to mask the fact that Germany is backstopping the whole thing.