成员国不愿过度严格地惩罚违约者以防他们自己某天也会陷入困境。
Member states had not wanted to impose overly strict penalties on treaty violators in case they themselves fell into difficulties.
银行界警告，它们可能会对策略违约者采取强硬措施，通过法律途径追索他们的其他资产。
Banks warn they may get tough with strategic defaulters by pursuing legal claims on a borrower's other assets.
另外，很多州授予贷款机构不同程度的权限，让它们没收抵押贷款违约者的银行存款、汽车或其他资产。
In addition, many states give lenders varying degrees of scope to seize bank deposits, cars or other assets of people who default on mortgages.
而印第安纳州更是违约者中的违约者，2007年的排放量占到全美国总量的4%，而其人口仅占2%。
Indiana is one of the worst offenders, spewing out 4% of America's carbon emissions in 2007 though it is home to only 2% of its population.
违约者面临的另一个风险是，银行可能会把追索权出售给催收机构和其他公司，这些公司有可能在止赎后最长20年的时间里向借款人讨债。
Another risk for defaulters is that Banks could sell the rights to pursue claims to collection agencies or other firms, which could then dun the borrowers for up to 20 years after a foreclosure.
意大利和西班牙遭受打击并不是因为他们的财政突然恶化，而是因为投资者担心他们有可能被迫违约。
Italy and Spain are under attack not because their finances have suddenly deteriorated, but because investors fret that they may be forced to default.
欧洲的政策制定者们担忧违约的原因之一是它对持有债务的银行造成不利影响。
One of the reasons Europe's policymakers worry about default is its impact on the Banks that hold the debt.
如果花旗集团对该债券违约，该投资者可以用债券换得一百万美元。
If Citigroup defaults on its bond, the investor receives one million dollars in exchange for the bond.
理论上，这种交易长期来看是不可持续的，高收益只不过是为违约风险的投资者做补偿。
In theory this trade should not be sustainable in the longer term; the higher yields should merely compensate investors for the default risk.
迄今为止，观察过次级抵押贷款者还款规律的经济学家都指出，当房产价格达到顶峰并开始下滑时，并不是所有的次级借贷者都违约。
Yet economists who have looked at the pattern of payments on subprime mortgages point out that even when house prices topped out and then began to fall, not all subprime borrowers defaulted.
而且实际上很长时间里这些垃圾债券的额外收益，远高于违约的风险给投资者带来的损失。
And indeed over time the extra yield offered by these bonds more than compensated investors for the risk of default.
信贷衍生工具，例如，允许投资者通过在其它风险中分割违约风险，正如利率运作。
Credit derivatives, for example, allow investors to separate the risk of default from other risks, such as interest-rate movements.
金融基础结构软件还有另外一个重要组成部分，那就是当市场参与者违约拖欠时用来解决赔偿的一系列规则和程序。
Yet another key component of the software of the financial infrastructure is the set of rules and procedures used to resolve claims on a market participant that has defaulted on its obligations.
只有少数借贷者突然停止还款，选择违约的人通常都会这么做。
Only a minority of borrowers abruptly ceased to make payments, as someone choosing to default would.
在目前席卷欧洲的主权债务危机中，投机者，尤其是信用违约互换正遭受又一场攻击。
In the current sovereign-debt crisis that is rolling over Europe, speculators, and especially credit-default swaps, are suffering another assault.
随着希腊公债利息飙升，投资者对希腊免于债务违约及留在欧元区的能力缺乏信心，这种信心缺乏对市场情绪产生了重大压力。
With Greek bond yields off the chart, the lack of investor confidence in the ability of Greece to avoid a default on its debt and remain in the euro zone weighed on market sentiment.
如果某个国家违约，投资者们将抛售其他国家的债券。
If one country defaults, investors will dump bonds of others.
过去十年来债券收益的过度“收敛”随着投资者受到国债违约的威胁而转变。
The excessive “convergence” of bond yields over the decade reversed as investors have factored in the risk of sovereign default.
假如投资者计划购买证券和长期持有的话，违约风险就是投资者应该真正最关心的问题。
Default risk is truly the largest concern a bond investor should have if they plan to buy a bond and hold it to maturity.
认为欧元区内国家几乎有着同等违约风险的投资者们现在都依赖于新兴市场柜面来分析他们所承担的信用风险。
Investors who had assumed an almost equal risk of default among euro-zone countries are now relying on emerging-markets desks to help them understand the credit risks they are taking.
随着贷款者违约，银行的损失开始侵蚀其自身微薄的资本。
As borrowers defaulted, the Banks' losses started to erode their own thin layers of capital.
虽然美林很快就有美国银行的巨额存款做靠山，但传统的商业银行仍然因为商业和消费者贷款违约和拖欠事件不断上升而遭受沉重打击。
While Merrill will now have quick access to Bank of America's deposits, traditional commercial banks are being pummeled by rising delinquencies and defaults in commercial and consumer loans.
投机者预期主权违约，通过CDS进行违约投机。
Speculators anticipate a sovereign default and speculate in this direction via CDSs.
投资者原本认为，随着房屋所有者试图甩掉手中的房产以及借款者的违约，这将意味着会有大量房产涌入市场。
Investors had assumed that this would mean a flood of properties coming onto the market as owners tried to offload their buildings and borrowers breached their covenants.
近来信贷违约掉期的市场交易者们不寻常的押注也许并不令人惊奇：美国可能会拖欠它的债务。
Perhaps it is no surprise that traders in the credit-default swaps market have recently made bets on the unthinkable: that America may default on its debt.
该机构还称，经验丰富的投资者理解市政债券的违约可能性要比评级相同的公司债券低。
The agency argued that sophisticated investors understood that municipal issues were less likely to default than similarly rated corporate issues.
虽然股票让所有者拥有一些好处，但是在公司违约和面临官司的时候，所有者并不需要承担债务。
While stocks give owners certain rights, they do not carry obligation in case the company defaults or faces a lawsuit.
虽然股票让所有者拥有一些好处，但是在公司违约和面临官司的时候，所有者并不需要承担债务。
While stocks give owners certain rights, they do not carry obligation in case the company defaults or faces a lawsuit.
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