But it worked, more or less. By contrast, the US court rulings’ indulgence of a parochial instinct to enforce written contracts will undermine the possibility of negotiated re-structuring in future debt crises.
这些实质步骤促成了宽松的债务重组制度。诚然，它的缺陷仍然很多。重组往往来得太晚，提供的纾困也不足以重塑债务可持续性。但它多多少少是有效的。相反，美国法院裁决囿于狭隘的执行书面契约本能，破坏了未来债务危机协商重组的可能性。