to require a stand-fast on repayments and the working out of orderly arrangements for repayment, which may well involve delay in repayment and, possibly, creditors taking a “hair-cut” on their repayment.
Some private-sector participants in this debate have articulated a sort of bewildered resentment at the idea of compulsory bailing-in in the course of an orderly debt arrangement: they talk in terms of “consenting adults”, who have freely made a contract which no-one else should rend asunder. It does, however, seem a bit more complicated than this.