如果持有者如今认定反对置换能令自己更可能在延长时间的情况下全额收回债务，那么就更加难以对主权债务进行重组并令债务国经济重回正轨。
If creditors now believe that holding out makes it more likely that they will receive full value at a later date, restructuring sovereign debt and restoring a debtor economy’s normal functioning will be more difficult.