Creditors, asserting their right to be repaid in full, historically have created as many legal and political obstacles to default as possible, insisting on harsh sanctions – garnishment of income, for example, and, at the extreme, imprisonment or even slavery – for borrowers’ failure to honor their debt obligations. Governments that incurred debt in costly wars have been expected to set aside annual “sinking funds” for repayment.
道德一直是这些冲突中思想因素。债权人主张得到足额偿付的权利，在历史上总是尽可能多地给违约设置法律和政治障碍，坚持对不能履行债务义务的借款人实施严厉制裁——比如扣除收入，在极端情形中甚至包括入狱乃至奴役。在烧钱的战争中背上债务负担的政府被要求每年计提“偿债基金”（sinking fund）。