In Ireland's case a restructuring should involve a haircut for some bank creditors-and then a lower interest rate on the debt that is left.

就爱尔兰而言，重组包括削减银行债权人，然后降低剩余债务的利率。

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What was once an emergency option reserved for the worst-case scenario, giving bondholders a haircut while extending maturities, is now essentially seen as a given by most market participants.

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However, first of all, in the case of the banks, to not have the creditors take a haircut is a terrible mistake.

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The sound and fury, posturing and bluffing may appear a bit different in each case but the subliminal outcome is the same bondholders must share in the pain and take a haircut.

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