即使是中国的敬重者们，也不会指不出中国的恶性债务的问题。
Even admirers, though, cannot fail to spot China's bad-debt problem.
但是债务重组会终止信心下降利率上涨的恶性循环，有可能使让内部贬值成为一种可行的但却非常残酷的战略。
But a debt restructuring could bring the vicious circle of falling confidence and rising interest costs to an end, potentially making internal devaluation a workable if brutal strategy.
这是至关重要的，因为如果债券收益大幅提高，就会引发外债偿还成本和债务上升的恶性循环。
That is vital; if gilt yields were to rise sharply it could lead to a vicious circle of rising debt-servicing costs and higher debt.
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