Latin America experienced this dilemma in the 1980’s, when its debt arithmetic had become unsustainable. At the outset of that crisis, major US financial institutions’ capital exposure to Latin America was near 200%, making candid recognition of debt unsustainability the surest route to wiping out the global financial system.
20世纪80年代拉美就经历过这种两难局面，当时它的债务算术已经难以为继。在危机伊始，美国各大金融机构在拉美债务上的风险敞口达到200%，在这种情况下，过于坦率地承认债务不可持续性几乎一定会搞垮全球金融体系。