Debt reduction in the eurozone has evolved over time, with bonds now playing a key role in financing sovereign debt. Before 1989, debt was mainly provided through country-to-country agreements or banking credits. The introduction of Brady bonds changed this by allowing countries to issue bonds after restructuring defaulted bank debt. Today, state institutions issue bonds to raise funds, leading to a significant increase in international debt securities. This shift to financial markets has changed the players involved in debt negotiations and brought new challenges to debt restructuring.