According to FT Deutschland (quoted by Eurointelligence) on Saturday EU ministers
agreed on a mix of measures, including buyback of Greek debt with EFSF money,
tapping ECB and national central banks profits on Greek bond purchases
and lowering interest rates on bilateral loans to Athens.
These buybacks are beneficial to creditors (now mainly EU and IMF) but very costly for debtors (Greece). This explains why they are likely to be implemented, while they shouldn’t.
All this is explained in my old  post on voxeu.org (5 feb 2011)