It is undesirable because there is a risk that norms designed at addressing problems of the past are not any more valid for complex financial systems and may even aggravate the situation. Most crises of the past had to deal mainly with foreign creditors of developing countries.
In advanced economies the restructuring of the public debt would have to involve a much larger number of financial assets and liabilities, including those of the domestic banking system vis-à-vis residents and non residents. It can be easily seen that there can hardly be anything “orderly” in such a process. Attempts to work on this issue should certainly not be discouraged.