法国人的私人债务也不多。
国家债务虽然居高，但是私人债务却保持低调。
公共债务上升才能使私人债务下降。
国债和私人债务类似。
但投资者担心的是私人债务占gdp的比例——240%。
But it's the private debt ratio of 240% of GDP that has investors worried.
因此眼前唯一可行的办法就是对希腊私人债务负担进行有序的大幅削减。
The only feasible way forward, therefore, is an orderly, but big, reduction of Greece's private-debt burden.
意识到私人债务的比率之大，借贷者们急速想办法确保他们排在任何队列的前面。
Conscious of the scale of personal debt, lenders are rushing to ensure they are first in any queue.
合计下来，西班牙的私人债务总额现在仅次于爱尔兰和葡萄牙，位列欧元区第三。
Together, Spain has a total private debt ratio that is the third highest in eurozone behind Ireland and Portugal.
机构担心数量众多的私人债务和僵化的劳动市场将阻碍经济复苏，减少财政收入。
The agency worries that high private debt and a rigid jobs market will hold back the economy and hurt tax revenues.
同时，由于收入下降而债务负担居高不下，通货紧缩使公共及私人债务问题严重化。
And it also aggravates debt problems, both public and private, because incomes fall while the debt burden doesn't.
更糟的是，许多私人债务以资产作为担保；债务价值是固定的，而资产价值则会下跌。
Worse, much private debt is secured against assets; while the value of the debt is fixed, the value of the assets can fall.
唯一的解决方案是除了借款国家的责任意识之外更严格限制公共和私人债务。
The only solution is tighter constraints on public and private debt, together with more liability for the borrowing countries.
这个预测幅度很大，原因包括两个最大的未知数：有多少私人债务展期？资本外逃的程度如何？
The two largest question marks reflected in this wide range are how much private debt is rolled over and the extent of capital flight.
另一方面，大量美国公司的增长仍受到债务支出的推动，目前是公共债务，而非私人债务。
On the other hand, a lot of American growth is still fueled by debt spending, this time public instead of private.
实际上，私人债务对GDP的比率从1996年起就陡然升高，此外储蓄率自1992年起一直滑落。
In fact, the increase in the private debt to GDP ratio steepened starting in 1996, and the savings rate has been falling since 1992.
莱因哈特夫人认为更多的财政刺激只是延缓了必要的调整，因为这只是用数目更大的公共借款取代了私人债务而已。
Mrs Reinhart thinks more fiscal stimulus merely postpones the necessary adjustment, because it replaces private debt with even greater public borrowing.
与美国一样，在欧洲导致危机发生的过分行为几乎全是私人债务，而非公共债务，希腊只是非常突出的例外。
In Europe as in America, the excesses that led to crisis overwhelmingly involved private rather than public debt, with Greece very much an outlier.
举个例子，在2015年前，即使希腊了结了所有的私人债务，它也无法使它的债务级别降到一个令人满意的程度。
By 2015, for instance, Greece could not reduce its debt to a sustainable level even if it wiped out the remaining private bondholders.
贝壳数珠在马萨诸塞作为法定货币用来清偿私人债务一直流通到1661年，在纽约作为货币使用知道1701年。
Wampum circulated as legal tender for private debts in Massachusetts until 1661 and was used as money in New York as late as 1701.
亲眼目睹了私人债务是如何折磨南方种植园主的乔治·华盛顿，在亚历山大·汉密尔顿的竭力劝说下才接受公债巩固新共和国的财政。
George Washington, who saw how private debt plagued Southern planters, had to be persuaded by Alexander Hamilton to embrace public debt as a kind of financial cement for the new republic.
其结果，2005-2006年对巴黎俱乐部和多边金融机构的本金偿还额超过支付额1460亿美元，而私人债务净流量达到4320亿美元。
As a result, principal repayments to the Paris Club and multilateral institutions exceeded disbursements by $146 billion in 2005-06, as net private debt flows reached $432 billion.
部分的答案是冰岛让向失控的银行提供的外国借贷者支付他们误判的代价，而不是将自己的纳税人放在这条线上去为私人债务坏账提供担保。
Part of the answer is that Iceland let foreign lenders to its runaway Banks pay the price of their poor judgment, rather than putting its own taxpayers on the line to guarantee bad private debts.
希腊的私人债务到底要重组到何种程度，将会最终取决于德国施压到何种程度和欧洲中央银行能抵制多久。欧洲中央银行长期以来反对任何方式的帐面价值的消减。
How deeply Greece's private debt is restructured will ultimately depend on how far the Germans push and how much the European Central Bank (ECB), which has long opposed any debt write-down, resists.
至少这种方式可以留住私人和公共债务的价值，并让国内工资和物价相对于国外降低以改善自身竞争力。
That way, at least, it could write down the value of its private and public debts, as well as cutting its wages and prices relative to those abroad, improving its competitiveness.
避免赤字的唯一办法，只能是事先预防私人信用和债务的扩张。
The only way to have avoided them would have been to prevent prior expansions of private credit and debt.
避免赤字的唯一办法，只能是事先预防私人信用和债务的扩张。
The only way to have avoided them would have been to prevent prior expansions of private credit and debt.
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