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纽约—和依赖破产程序降低过高债务负担个人、公司和其他私人企业一样,国家有时也需要有序债务重组或减记。但阿根廷与债权人的旷日持久的法律扯皮表明,有序主权债务重组的国际体系可能已经崩溃。

个人、企业或政府可能因为倒霉、决策失误或两者的共同作用陷入过度负债状态。如果你背负按揭,然后失了业,这就叫倒霉。如果你的债务是由于你借了太多的钱休长假,或者由于你买了昂贵的电器,那么应该归咎于你行为不当。公司企业也是如此:一些企业的商业计划因为倒霉而失败,也有一些借了太多的钱给平庸的管理层开过高的薪酬。

倒霉和坏行为(政策)也可能导致政府背上不可持续的债务负担。如果一国的贸易条件(出口品价格)恶化,并且陷入了长期大规模衰退,其政府收入基础就有可能被削弱,其债务负担就会变得过高。但不可持续的债务负担也可能来自过度借钱消费、没能征得足够税收,或其他削弱经济增长潜力的政策。

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