Depending who you talk to they still might get a 100% loss. 50%...

Depending who you talk to they still might get a 100% loss. 50% cut for bondholders in exchange for higher quality securities is actually a good deal, not only for the bondholders but for everyone else involved. Note that no one forced these banks to lend to Greece, they did so of their own free will. By "voluntarily" agreeing to this they avoid a sovereign CDS event which could easily spiral out of control into something much worse than Lehman/Bear Sterns.

Greece is still going to be under the yoke of the Germans as long as they remain part of the euro, but with this deal the other euro members (notably Germany) are paying a big price to hold the euro together and avoid the catastrophic short term pain of a euro currency collapse.

It doesn't solve the problem and it's still kicking the can down the road. Personally I don't think the Euro is sustainable long term but this is the best that could be hoped for for now.