Is there a practical difference between Greek default and their debt being forgiven?

Factual Questions
1

In both cases, investors don’t get there money and Greece will have to borrow at much higher rates.

Thanks,
Rob

2

Is there a difference between a negotiated default and unilateral action? Yeah, there is. I suspect the bond markets distinguish between the two in some way, though I admittedly have no evidence of that.

Specifically, I’m speculating that debt forgiveness would result in a shorter and less intense penalty phase by the bond market. If forgiveness is paired with an IMF program, while unilateral default is not, that would definitely make a difference. Lenders follow the IMF’s lead.