Unsecured creditors who hold CDSs might prefer default to a lengthy restructuring: to them, the insurance policy is worth more than the house.

拥有信用违约互换的无担保的债权人宁愿看到违约也不想看到漫长的重组：对他们来说，保险单比房屋更值钱。

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Many Chinese companies still rely on policy support. Furthermore, restructuring and the reorientation of the economic model take time.

二是中国许多企业的经营状况还没有根本好转，仍主要靠政策的支撑。

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A policy that called for closing, discontinuing, merging and restructuring industrial enterprises was implemented in cities.

一个所谓的政策关闭，停止，合并和重组工业企业实施在城市。

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We are changing from what was purely a restructuring policy, to what we call a focus-and-growth policy.

FORBES: Ulrich Hartmann's second act

Some observers speculate the bank has had its own agenda: A harsh money policy would force fundamental restructuring of Japanese companies and banks and perhaps even push politicians to begin reforming their deeply corrupt political system.

FORBES: Fact and Comment

Optimism is justified not on hope, but on evidence that when the disasters struck many Japanese companies were already achieving significant advances in productivity, sales, and profitability, as a result of restructuring and policy efforts begun in the wake of the 2008 global downturn.

FORBES: Macro News is Bad, But Japanese Companies are Getting Stronger