The shift favors hardline creditors in bond issuances governed by US law. With emerging-market growth slowing, and external debt rising, new legal interpretations that make debt future write-downs and reschedulings more difficult do not augur well for global financial stability.
根据美国法律，这一变化有利于债券发行中的强硬债权人。随着新兴市场增长放缓和外部债务增加，让未来债务减记和重新安排变得更加困难的新法律解释绝非全球金融稳定的福音。