Debt to gross book value was 46.6% on December 31, 2013.
2013年12月31日，债务与账面价值总额之比为46.6%。
That is because bad debt is hidden within complex securities, and the value of those securities is almost impossible to measure when markets have dried up.
那是因为不良债务隐藏在复杂的证券背后，而当市场动力枯竭后，那些证券的价值几乎不可能被测量。
As the underlying collateral declines in value and incomes shrink, the real burden of debt rises.
随着潜在的抵押品价值减少和收入缩水，真正的债务负担开始上升。
Some holders of Greek debt may even be able to write its value back up as a result of the deal.
有些希腊债务的持有者甚至可以写下其价值支持进行交易【因此重新提高资产账面价值】。
In effect, the US could avoid bankruptcy and a default on its debt by inflating away some or most of the real value of its debt.
事实上，美国一直通过通货膨胀来降低部分或者说大分部债务的价值来避免破产和债务违约。
This option to use inflation to reduce the real value of its debt is not available to states like California because the Fed will not purchase their debt.
因为美联储将不会购买他们的债务，选择通过通货膨胀来减少债务真实价值在加利福尼亚州是行不通的。
Inflation reduces the value of debt, which for many people and companies feels like slowly sipping champagne, producing a nice buzz of light-headed excitement as they are unburdened.
通胀会降低债务的实际价值，在许多人和公司感觉起来，就好比小口呷香槟，会产生一种轻飘飘的美妙眩晕——他们的负担减轻了。
Inflation helps reduce the total debt stock over time, by reducing the real value of debt.
久而久之，通货膨胀通过减少债务的实际价值减少了债务总量。
But, the notional value of debt can't decline.
但是，债务的名义价值不会下降。
In the case of Greece, it would need to set some floor on the value of Greek debt as an orderly restructuring is arranged.
以希腊为例，当有序的重建已经安排好时，它需要给希腊债务估价一个平台。
The accounts of big, troubled banks—in particular Bank of America (BofA) and Citigroup—are awash with exceptional items, including tax gains and changes in the value of their own debt.
而那些陷入困境的大银行，尤其是美国银行和花旗银行，被诸如增税和自身债务价值变动等特殊项目所困扰。
If you are a country like the US, the UK, or Japan that can monetize its fiscal deficits, then you won't have a sovereign debt event but high inflation that erodes the value of public debt.
如果你是一个类似美国、英国，或日本那样的国家，可以货币化自身的财政赤字，那么，你将不会发生主权债务问题，取而代之的是稀释公债价值的高通货膨胀。
But since the debt crisis in Greece unnerved investors, these currencies have mostly lost value again.
但由于希腊债务危机让投资者精神紧张，这些货币再度大幅度贬值。
Worse, much private debt is secured against assets; while the value of the debt is fixed, the value of the assets can fall.
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。
Smart people work at keeping their monthly consumer debt burden to zero. Borrow only for things that go up in value.
而对聪明人来说，工作是为了将每月的消费债务负担降至零，还有就是只买升值的东西。
A rescheduling would reduce the net present value of the debt held by Greek Banks, leading to impairments.
如果采取此措施将会减少希腊银行所持有净债券的值，导致损失。
And the simplest way to do that would be to write down the value of underwater mortgage debt.
而最简单的方法就是写下水下抵押债务的价值。
The banks are not keen either, since restructuring would require them to write down the value of the debt on their balance-sheet just as they are struggling to improve their capital ratios.
银行业也不热心，因为重组可能要求他们在平衡表上记录债务价值，而他们正在辛苦地提高资本比率。
But in reality, people also value the virtue of "feeling a debt of gratitude for others' kindness."
但实际上，人们依旧重视那种“对别人的好心行为感觉亏欠”的美德。
A two-year period of moderately high inflation might reduce the real value of debt by some 10 per cent.
为期两年的适度高通胀，可能使债务的实际价值减少10%左右。
A more radical third option, a “haircut” on the value of Greek debt, would have a significant impact on Greek banks because losses would have to be recognised immediately.
第三个方案是较为根本的措施，即将希腊债务转型，这对希腊银行将造成巨大冲击。因为所带来的损失会立刻显现。
In the end, negotiations settled on a bond exchange that will cut the face value of Greece's debt to private creditors by half.
最后，谈判终于达成协议——希腊私有债权人所持有的债券价值跌去面值的一半。
In the end, negotiations settled on a bond exchange that will cut the face value of Greece's debt to private creditors by half.
最后，谈判终于达成协议——希腊私有债权人所持有的债券价值跌去面值的一半。
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