When a sovereign decides that its foreign debt is unsustainable, the government and its creditors have had to negotiate among themselves about what to do. For sovereign bonds held by other sovereigns, the Paris Club of creditor countries has developed procedures for handling the debt.
当一个主权国家认定自身的外债已经无法维持，政府和其债权人都必须坐下来商讨应该任何行事。对于那些由其他主权国家持有的主权债务，由债权国组建的巴黎俱乐部已经制定出相关程序去处理这类债务。而针对私人债权人所持有主权债务，如何将这些债权人组织起来就引发了一环接一环的挑战。