In the old days – think of the 1980’s Latin American debt crisis – one could get creditors, mostly large banks, in a small room, and hammer out a deal, aided by some cajoling, or even arm-twisting, by governments and regulators eager for things to go smoothly. But, with the advent of debt securitization, creditors have become far more numerous, and include hedge funds and other investors over whom regulators and governments have little sway.
换做从前——比如20世纪80年代的拉美债务危机——急于平息事态的政府和监管者可以把债权人（主要是大型银行）关进小黑屋，威逼利诱一番，然后就达成了协议。但是，随着债务证券化时代的到来，债权人数量比以前有了暴增，对冲基金等监管者和政府很难对其施加影响的投资者也被包括了进来。