Sovereign debt restructuring negotiations can take a long time, almost a decade on average. Different models show that delays happen for various reasons, like the impact on the country's economy, restrictions on debt issuance, and the risk of default. Some delays can actually be good for everyone. If debt issuance is limited in the agreement, delays are less likely. And if the debt issued is not tied to the country's situation, delays can happen due to the risk of default.