If they follow the example of Iceland set in 2008 they would in one single day create new banking entities, move all private assets to the new bank and leave the old bank with the debts. The new bank overtakes all personal and business finance, the process is seamless. The old banks hold debts without much value. For example all cards works without a hitch.


However,this is not without loss to the private customer due to the power of creditor banks, mostly foreign multinational banks.
Anyway it beats the absurd idea of having private savers pay for the wrecklessness of the banks and politicians that lended the money in the first place.