Instead of austerity and pretence, a credible rescue should start with growth and, where it is unavoidable, a serious restructuring of debt.
不同于紧缩和掩饰，对信誉的挽救应从经济增长和不可避免的严重的债务重组着手。
Second, the dangers from debt restructuring have diminished even as the costs of delay are rising.
其次，即使延期偿付的成本在上涨，债务重组带来的危险也已经消失。
But he may be wrong to oppose any kind of debt restructuring for Greece, which is patently bust.
但是，他反对希腊任何债务调整的行为也许是错的，希腊显然已经破产。
Together they should demand, and instigate, a restructuring of Greek debt.
他们应当一起要求、鼓动希腊债务重组。
It involves accepting bigger restructuring of Greek and maybe other debt.
它包括接受希腊还有其他债务的更大重组。
It refused to countenance a default by Greece, or even debt restructuring, for fear of market contagion.
先前法国并不同意希腊违约，甚至不同意债务重组，因为担心市场蔓延。
Asia Aluminum claimed that the debt restructuring was needed because of deteriorating cash flow and earnings, combined with rising costs and debt burden.
亚洲铝业声称，由于现金流和收益状况日益恶化，加之成本和债务负担不断增加，债务重组是必需之举。
This process of corporate debt restructuring or outright liquidation may take years.
这一企业债务重组或全部清偿的过程或许要历时数年。
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.
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。
They are, in other words, expecting some kind of debt restructuring, like the restructuring that reduced Argentina's debt by two-thirds.
换句话说，他们期待某种形式的债务重组，就像阿根廷将债务减去三分之二这样的债务重组一样。
But the best hope lies with the IMF. Its economists have the most experience of debt crises. Some privately acknowledge that debt restructuring is ultimately inevitable.
但是最大的希望还是寄予IMF，其经济学家对债务危机有丰富的经验，一些经济学家私下表示债务重组最终难将避免。
The idea of resolving the debt crisis through restructuring may still be anathema in official European circles, but it won’t go away.
通过重组来解决债务危机的想法虽然在欧洲官方中被广泛批评，但其不会就此消散。
Its economists have the most experience of debt crises. Some privately acknowledge that debt restructuring is ultimately inevitable.
那里的经济学家在债务危机方面最有经验，一些已在私下表示债务重组最终是不可避免的。
Behind the scenes Germany has been pushing for Greece to "reprofile" its debt-a soft form of restructuring that would leave principal and coupon payments intact but extend bond maturities.
德国背地里一直催促希腊“重塑”其债务形态—即保持应付的本金和利息不变，但将债券到期日延后，这其实是一种弱化的重组方式。
That makes it unacceptable to the European Central Bank (ECB), whose opposition to any form of debt restructuring borders on the pathological.
欧洲中央银行(ecb)的反对派近乎病态的反对任何行使的债务重组，使得这一方法同样不被欧洲中央银行(ecb)所接受。
Under a sovereign CDS, a claim depends on a "credit event", which is defined broadly as a failure to pay interest, a moratorium on principal repayments or a restructuring of the debt.
在主权信用违约掉期中，赔偿费取决于“信用事件”，这明显比不能支付利息，拖延支付本金或是债务重组要广义得多。
With all three countries now being "rescued", the politicians at Europe's core should start work immediately on an orderly restructuring of their debt.
由于三个国家现在处于援助，欧洲核心国的政客应该立即进行有序的债务重组。
A haircut and restructuring of the debt is therefore unavoidable, as Germany's move on Wednesday suggested.
因而，债务削减和重组势在必行。德国周三的动向就表明了这一点。
It continued this week, with some politicians admitting that a hard restructuring of Greek debt was on the table, whilst others ruled out a default.
在接下来的几周，当其他人都到场表态时，一些政客公开承认希腊债务艰难重组。
And by deciding whether or not it will allow Greek Banks access to its liquidity lines, the ECB is the main arbiter of what any Greek debt restructuring will look like.
欧洲央行还可以决定是否允许希腊银行靠近流动性界限，因此希腊债务重组未来如何主要取决于欧洲央行。
It would be far better to recognise reality and start an orderly restructuring of Greek debt now.
现在最好是认识现实，开始有条理的希腊债务重组。
DESPITE being almost alone in its hard-line opposition to any form of Greek debt restructuring, the European Central Bank looks set to win the current round of Greek bail-out negotiations.
作为为数不多反对希腊债务重组的强硬派之一的欧洲央行，似乎仍决心要取得新一轮希腊救援谈判的成功。
Meanwhile, the French banking industry floated a proposal for an orderly restructuring of Greek debt that would involve private investors rolling over their holdings in bonds.
同时，法国银行也提出计划调整希腊债务，促使个人投资者手中的债权持续滚动。
For these countries Mr Ghosh and his co-authors advocate debt restructuring in advance of monetary easing.
对于这些国家，Ghosh和他的同事指出债务重组的重要性要超过放松银根。
For these countries Mr Ghosh and his co-authors advocate debt restructuring in advance of monetary easing.
对于这些国家，Ghosh和他的同事指出债务重组的重要性要超过放松银根。
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