To make matters worse, when a compromise is reached, the burden falls disproportionately on the debtor, in the form of enforced austerity and structural reforms that make the residual debt even less sustainable. Furthermore, the recent strengthening of creditor rights and the growth of bond financing has made sovereign-debt restructuring enormously complex and open to abuse by highly speculative holdout investors, including so-called vulture funds.
更糟糕的是，当妥协达成时，债务人要接受绝大部分负担——以强迫紧缩和结构改革的形式，结果是剩余债务更加不可持续。此外，最近对债权人权利的强化以及债券融资的增加让主权债务重组变得非常复杂，被包括所谓的兀鹫基金在内的高度投机性的坚决不让步的资者滥用。