The fiscal deficit fell by two-thirds in 1985, helping pave the way for the first meaningful debt rescheduling since the start of the crisis four years earlier.
As early as 1922 the possibility that the war debt could not be paid in full within the expected schedule was raised, and that debt rescheduling may be needed.
Investors have scant patience for the years of good governance -- politically fraught fiscal restructuring, austerity and debt rescheduling -- it takes to defuse a sovereign-debt crisis.
