Modern finance has succeeded in creating a default dynamic of such stupefying complexity that it defies standard approaches to debt workouts. Securitization, structured finance, and other innovations have so interwoven the financial system’s various players that it is essentially impossible to restructure one financial institution at a time.
现代金融学已经成功创造了一个令人震惊的复杂的内涵机制，以至于它漠视了解决债务问题的标准途径。证券化，结构性融资，以及其他的创新已经使金融系统中的各种参与者交织起来，导致根本不可能一次就能重组一个金融机构。重组金融机构需要从整个金融体系角度来考虑解决方法。