[steve50]

The IMF loans go mainly to pay interest/principle payments. So whoever funds the IMF winds up paying back the loans. The institution that made the loans have their profits assured and whoever funds the IMF pays the bills.

[NativeNewYorker]

The debt is mostly held as securities now, and those are now trading at default prices. The banks as a class are losing money, though some suits get nice bonuses for endlessly "restructuring" the paper.