除非能与债权人就偿还或延期偿还这笔债务达成一项协议，否则该公司可能会违约。
Unless an agreement can be reached with creditors to pay or delay that debt, the company could default.
有序违约相当于债务重组，也就是债权人接受部分损失，同时债务人同意偿还大部分债务。
An orderly default is equivalent to restructuring debt — whereby creditors accept a loss while debtors agree to pay most of its debts.
不过母行在分支所在国发生违约的状况下仍有相当机会可以避免承受全部损失，而可将其一部分推给当地债权人承担。
But in a default scenario there is a real chance that parent companies might avoid taking the full hit, pushing part of it instead onto local creditors.
美国大可不必郑重其事地通过违约来惩罚其债权人，它只是简单地让美元贬值就可以达到目的。
America does not formally need to default to penalize its creditors; it can simply let its currency decline.
如果有些公债能够针对违约为债权人提供更坚实的保护，他们是否应该受到比较仁慈的对待？
If some bonds offer stronger creditor protection against default, should they receive more lenient treatment?
但是希腊是一个偿还能力问题而不是流动性问题并且重要的是什么时候会违约而不是会不会违约，最终债权人遭受打击。
But Greece has a solvency, not a liquidity, problem and it is a matter of when, not if, creditors take a hit.
如果确实需要重组债务，要如何规划才能达到激励债权人对未来违约风险进行管控的最佳效果？
If a restructuring is to take place, how could it be best designed to incentivise bondholders to monitor default risk in the future?
为了让事情更加复杂，有些债权人还会买入企业违约保险，一旦企业的重组方案失败，他们就能得到比重组成功更多的利益。
To complicate matters even more, some creditors, having bought insurance against default, may make more if the restructuring fails than if it succeeds.
一些债权人担心倘若国家违约，该机构的贷款将首先被偿还。
Some creditors fret that the facility's loans will be repaid first in the event of a sovereign default.
拥有信用违约互换的无担保的债权人宁愿看到违约也不想看到漫长的重组：对他们来说，保险单比房屋更值钱。
Unsecured creditors who hold CDSs might prefer default to a lengthy restructuring: to them, the insurance policy is worth more than the house.
紧缩到底化解危机：可以想象，出现问题的欧洲国家可以通过表达对忍受痛苦的足够的意愿而让债权人恢复信心，从而避免违约或通货紧缩发生。
Toughing it out: Troubled European economies could, conceivably, reassure creditors by showing sufficient willingness to endure pain and thereby avoid either default or devaluation.
如果借款人违约，持有担保索赔权的债权人可以没收抵押品资产。
Creditors with secured claims can foreclose upon (seize title to) these assets if the borrower defaults.
如果他没有履行偿还债务的裁决，或者法庭上没有人为他担保，债权人可以认为他违约。
If he does not satisfy the judgment, or no one in court offers himself as surety on his behalf, the creditor may take the defaulter with him.
由于无法承受对所有债权人全额偿付债务，阿根廷说自己别无选择，只能违约。
Since it cannot afford to do that, it says it had no choice but to default.
违约风险是债务人在债务到期时，无法或不想还本付息，而使债权人遭受损失的风险。
Default risk is a risk that a debtor when the obligation expires, can't or don't want to pay back the capital plus interest, so that makes the creditor suffer Losing.
指债权人同意债务人只支付利息，暂时无须偿还本金的一段宽限期，在宽限期满前均不视为违约。
The period extended by the creditor to a debtor to only pay the interest without reimbursing the principal. It is not a breach of agreement before the extra period expired.
指债权人同意债务人只支付利息，暂时无须偿还本金的一段宽限期，在宽限期满前均不视为违约。
The period extended by the creditor to a debtor to only pay the interest without reimbursing the principal. It is not a breach of agreement before the extra period expired.
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