First, the court ruled for the first time that a country cannot continue to pay those creditors who accepted a big reduction (or “haircut”) on their claims until the holdouts are paid in full. So, why would any future creditor who benefits from an orderly restructuring vote for it if its new claims can be blocked by even a single holdout creditor?
美国最高法院的裁决是危险的，原因有二。首先，法院第一次裁定一国不能继续偿付接受大规模债务削减（或“剃头”（haircut））的债权人，除非抵制者已经获得足额偿付。那么，哪怕只有一个债权人抵制，新债权就得不到偿付，既然如此，未来债权人能从支持有序重组中获得什么好处呢？