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伦敦—主权违约很常见。在1800年至2010年期间，厄瓜多尔和委内瑞拉的违约次数多达十次；希腊在独立战争（1821-1830年）至1932年之间违约五次；俄罗斯、乌克兰、厄瓜多尔、乌拉圭和阿根廷自1998年以来均有违约记录。
过去，人们曾使用武力手段来解决主权违约。例如，在1902年委内瑞拉违约之后，几个欧洲大国派军队包围了委内瑞拉的港口并发动炮击。现在，主权债务重组现已取代了武力手段；但这种方法没有清晰的规范，且常常无法及时落实，使债务人和债权人都苦不堪言。一些观察家对现在的主权债务重组是否仍有较大的改善空间表示怀疑。
不久之前，在重组过程中，设计欠佳的合同为秃鹫公司们（vulture firm）利用债务人提供了机会。秃鹫公司以低价收购一个国家的不良债权，拒绝债务重组，然后提起恶意诉讼谋求全额偿付，一旦胜诉，就能获得丰厚的回报。
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