Given the recurring complications of adjudicating sovereign-debt contracts in foreign courts, and the world’s inability to organize a credible and fair procedure for foreign bankruptcies, perhaps the best idea is to steer the bulk of international debt flows through debtor-country courts. Jeremy Bulow and I made a proposal along these lines 25 years ago; it is still the right approach.
由于在外国法庭裁定主权债务合同会一再引发各种状况，而世界有不能阻止可信而公平的外国破产程序，也许最好的办法是通过债务国法院引导国际债务流大部的流向。杰雷米·布罗（Jeremy Bulow）和我25年前曾 提出过一个这样的方案；现在它仍然是正确的方案。