The way in which the euro zone carried out the Greek debt restructuring is essential for the country's broader effort to get its fiscal house in order. It is also essential for investors, who require fiscal stabilization and debt sustainability, to invest in Greek bonds. Debt relief has special political importance for Tsipras, who must implement tough fiscal measures and structural reforms and use the debt settlement as a "sweetener" to settle internal political and social reactions caused by the austerity battle with EU partner nations.
Euro zone officials have reportedly offered Greece a 30-year grace period and a lengthened loan maturity period so that annual debt servicing does not exceed 15 percent of the country's GDP. Some analysts argue that such a settlement would keep Greece dependent on the "moods" of its creditors for years, perhaps decades. In such a case, Europe is likely to pin the restructuring of Greece's debt to a series of milestones and new terms and conditions.
"Driblets of debt relief cannot be merely a prize for more counterproductive austerity," said Ashoka Mody, visiting professor of international economic policy at Princeton University's Woodrow Wilson School.
The Greek aspirations for debt include extending the euro zone loans' maturities and an interest-rate swap so that the floating-rate loans become fixed. However, if such a swap is conducted at market rates, it will not reduce the net present value of the debt without the euro zone debt holders assuming losses—one of the main reasons Tsipras is seeking international community support.
—By Nasos Koukakis, special to CNBC.com