It ain't. Commercial banks took their hit ages ago and moved on. And when it comes to the HIPC countries, very little of their debt is to the private sector anyway, as a glance at the World Bank Debt Tables shows. Debt relief would be a matter of the IMF, WB and (most of all) the bilateral state creditors writing off their loans. This wouldn't result in any direct or indirect transfer to the privately owned banking system.
What's happening here is that people are (through lack of knowledge, or something more sinister) conflating the question of bailouts of highly-indebted medium income countries (Latin America in the early 1990s) with short-term liquidity support for not indebted but illiquid countries (Asia in the late 1990s) with the HIPC proposals. The operation for Mexico was a bailout for the big banks (and hurray for that). But HIPC debt forgiveness is not.
dd
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