Governments fear that they will lose credibility with financial markets. Where their obligations are held by foreigners, and by foreign banks in particular, writing them down may only destabilize other countries.
政策制定者不愿意走这条路，这是可以理解的。契约神圣。政府担心失信于金融市场。如果债权人主要来自国外，尤其是外国银行，减记只会连累其他国家。