I'm sorry, but this is a ridiculous way to think! You give me 100 Euros that I promise to repay later. When "later" comes, I refuse to pay. My brother finds this humiliating and to protect the family name buys the debt from you for 10 Euros. Should I now be able to say to him "Hey, a smart hedge fund would have only paid 1 Euro for this debt - you pushed 9 Euros of book losses on me, that I had nothing to do with! I'm getting taken advantage only to save the family name!"

Nevermind the theoretical principles involved, the actual numbers are quite different from what you probably believe: All in all, around 200 Billion Euros of private creditor debt was restructured:

1) 107 Billion Euros were simply written off

2) 62,4 Billion Euros of old private bonds were exchanged into new private bonds

3) Only 29,7 Billion Euros were paid out to private creditors and shifted onto the books of other Eurozone governments.