The movement in major government bond yields - the implied interest rate that countries pay to borrow money - was small - an indication that bond investors saw limited risks at the moment.
The nice way to default will be through a restructuring, extending the payments way beyond three years, and asking investors to take a small haircut on the bond price.
The move failed to reverse the horrendous losses suffered by equity investors in recent weeks, but it had a small positive effect in the bond markets, the immediate object of the exercise.