Meanwhile, private creditors, anxious to avoid a haircut, will often postpone resolution in the hope that the situation will turn around. When the problem is finally acknowledged, it is usually already an emergency, and rescue efforts all too often focus on propping up irresponsible lenders rather than on facilitating economic recovery.
主权借款人无力维持债务的问题总是发现得过晚，解决的效果也不好。政府不愿承认有偿债能力问题，因为害怕这样会引发资本外流、金融恐慌和经济危机。与此同时，私人债权人担心遭遇“剃头”（haircut），常常会中止清算，寄希望于情况峰回路转。当问题最终被承认时，常常已经陷入了紧急状态，而救援行动又常常着重于支持不负责任的贷款人，而不是便利经济复苏。