Burning issue
It seems to me that this would make the negotiations a lot smoother? I can see Gerry Adams now — “We’ve promised to burn the bondholders, and I’m not a man that breaks promises, you know. So we can do this the easy way or the hard way.”
Let’s see how the EU bureaucrats deal with that. I’m sure a discount, if not a complete write-down of our debt, would be forthcoming.