For starters, in 2001, Argentina unilaterally defaulted on its entire $100 billion debt, an unusual step, rather than negotiating new terms with its creditors. When, in 2005, the government finally got around to negotiating a debt swap, it could almost dictate the terms – a 70% “haircut.”
为何同情无法偿付债务的发展中国家如此困难？首先，2001年，阿根廷单方面对其全部1,000亿美元债务违了约，而不是与债权人协商新条款，这是颇为反常的。2005年，阿根廷政府终于拨冗参与债务互换谈判时，它几乎可以任意指定条件——70%的“剃头”（haircut）。