Subsequent programs to deal with emerging-market crises featured an analogous combination of country adjustment and “private sector involvement.” Voluntary debt exchanges worked, roughly speaking, with investors accepting haircuts.
此后处理新兴市场危机的计划都有类似的国家调整和“私人部门参与”结合。总的来说，如果投资者可以接受“剃头”，自愿债务交换是有效的。