Because new contractual provisions are not easily retrofitted into old bonds, it will take years before the clauses are included in the entire stock of debt. Establishing an international bankruptcy court would be a far more efficient solution, but that doesn’t make it feasible.
这一协议并不完美，问题依然存在，因为新合同条款并不容易适用于旧债券，因此要花多年时间才能让所有债券存量都受这些条款约束。建立国际破产法听是更有效的方案，但不可行。投资者很聪明，他们知道在国际资本市场，完美是优秀的敌人。