Rapid deleveraging outside traditional banks also means that cleaning up banks’ balance-sheets may not break the spiral that is driving down asset prices and stalling financial markets.

在传统银行外的降低杠杆化也意味着，清理银行资产负债表无法逆转资产价格暴跌和金融市场失灵的大趋势。

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Rapid deleveraging outside traditional banks also means that cleaning up banks' balance-sheets may not break the spiral that is driving down asset prices and stalling financial markets.

在传统银行外的降低杠杆化也意味着，清理银行资产负债表无法逆转资产价格暴跌和金融市场失灵的大趋势。

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Yet regulators (such as Consob, which regulates Italy's stockmarket) and sophisticated financial institutions not only failed to spot the trouble, but also let it get worse, overseeing a spiral of debt issuance and off-balance-sheet deals that allowed Parmalat to keep up its pretence.

ECONOMIST: Parmalat

This is because the silicon in question is a spiral designed to take the place of the balance spring in mechanical watches.

ECONOMIST: A luxury watchmaker is putting silicon in its timepieces