The newly approved rescue plan for Greece is a "super-TARP," similar to the United States bailout package during the financial crisis, Peter Boockvar, equity strategist at Miller Tabak, told CNBC Thursday.
"It's good in the short-term in terms of putting out a fire, but all the debt is pretty much still there," Boockvar said.
The plan calls for an extension of the loan grace period from 7.5 years to a minimum of 15 years, with the option of the European Financial Stability Facility (EFSF) stepping in and buying Greek bonds in the secondary market if necessary.
"[Europe is] transferring the debt from these countries to this new entity, so it lets the overleveraged somewhat off the hook, and then the rest of the European taxpayers are going to have to backstop this EFSF," he explained.
Also, the plan reflects a willingness on the part of private bondholders to help foot the bill through a menu of other options, such as longer-term bond exchange, debt rollover and buyback.
"The Europeans will not only lend you money at longer periods of time and [at] lower interest rates, but they'll buy your debt in the secondary market and they'll even recapitalize your banks if they run into trouble," Boockvar said.
"It's that sort of backstop that's good for Greece, Ireland and Portugalbut then puts the burden on German and French taxpayers, predominantly," he added.
The real solution would either be "debt extinguishment" or getting more "debt transference," and for equity investors to focus on the overall slowdown in global economic activity, Boockvar concluded.