Yet these efforts still have a long way to go. Some members of the official community find it difficult to accept the notion of sanctioning arrears or default. Also, some have concerns that strict limitations on official IMF support could constrain the official sector when such support was genuinely needed to avert international contagion.
Agreement on abstract principles of private-sector involvement remain elusive, but on the practical level, instances of private-sector involvement are accumulating, laying down a foundation of practices and precedents that should serve to make future restructurings more orderly and predictable.