Ireland hiding a default?

Saw this on KD's site today:

https://market-ticker.org/akcs-www?post=190583

"THAT didn't get any press! It sure didn't show up on CNBC! A buyback of Tier 1 and 2 Sub debt at a 90% discount? You mean at a value of ten percent of it's face, right?

That would be a default, me thinks. And who would take that deal? That's simple: Someone's who's convinced that if they don't they're going to get zero."