As slogans go, "restructure the promissory-notes repayment schedule" doesn't have quite the same tub-thumping ring as "burn the bondholders". But as Ireland has moved from the anger to the bargaining stage of economic grief, it has realised that coming to a deal over €31 billion ($41 billion) in promissory notes which the government issued to two failing banks is more important than defaulting on their remaining unsecured bondholders.
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