衰退的经济代价和社会代价是沉痛的：失业，低工资和利润，还有破产。
The economic and social costs of recession are painful: unemployment, lower wages and profits, and bankruptcy.
除了违约风险，还有回收率的问题——破产之后，还能收回多少贷款。
Besides the risk of default, there is the question of recovery - how much will be left after bankruptcy.
商店停业，加盟商申请破产，还有销售量的持续下跌。
Stores were closed, franchisees filed for bankruptcy and sales continued to fall.
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