Since this scheme would imply losses for bondholders, substantial official muscle and peer pressure is needed. But gaining time for a more orderly resolution, mitigating contagion, and reducing the size of an eventual write-down do indeed add up to a superior outcome.
因为这个方案将会给债务持有人带来损失，因此足够的官方强制措施和同行业压力也是有必要的。但为一个更加有序方案的出台争取时间，减少危机扩散，并压缩最终违约的规模也确实能为实现一个更高层次成果添砖加瓦。