Back in 2003, partly in response to the Argentine crisis, the IMF proposed a new framework for adjudicating sovereign debts. But the proposal faced sharp opposition not only from creditors who feared that the IMF would be too friendly to problem debtors, but also from emerging markets that foresaw no near-term risk to their perceived creditworthiness.
2003年，部分出于对阿根廷危机的反应，国际货币基金组织为裁定主权债务提出了一个新框架。但这一建议不但受到担心国际货币基金组织对问题债务国太友好的债权国的反对，也受到预料到近期信誉可能遭到质疑的新兴市场的反对。健康的债务人担心，如果违约惩罚放松，债权人就会要求更高的利率。