The consequence is a complicated game – currently exemplified by the saga of Greek voluntary restructuring – in which both sides stare into the abyss and then turn away from the out-and-out conflict that would send them plummeting into it.
Le pays débiteur est coupé des marchés internationaux et il ne peut plus importer des produits essentiels, tandis qu’un défaut à grande échelle risque de rendre les créanciers insolvables.