In July Greece's rescuers agreed that it would need a new bail-out plan to include a "voluntary" debt restructuring by private Banks along with fresh dollops of official funds.

The plan does not reduce that—and French machinations to roll some private-sector debt into a “voluntary” package of cash and long-term bonds may make an eventual restructuring harder (seearticle).

As my colleagues have noted, an informal and voluntary debt rollover won't deal with Greece's underlying insolvency, and may make a future restructuring more complicated.