If they declare it a default..the banks pay.
If they redefine it ...the bond holders and the tax payers pay.
That's what's taking so long. The banks are figuring out how to worm out of it and stick the little guys. And the austerity measures make sure that the commoners get hammered for their share too..else the government would pay. Whenever a ponzi comes to an end, the elite make sure their asses are covered