如果迪拜拖欠债务，它将是继2001年阿根廷之后的最大主权债务违约国。
If Dubai defaults on its debts, it would be the largest sovereign default since Argentina in 2001.
如果迪拜拖欠债务，它将是继2001年阿根廷之后最大主权债务违约国。
If Dubai defaults on its debts it would be the largest sovereign default since Argentina in 2001.
他们指出，阿根廷、俄罗斯等国在经历了违约后的短暂沉浮后，很快就出乎意料地重回正轨。
They point to places like Argentina and Russia, which defaulted and briefly struggled before emerging from their economic ruts unexpectedly well.
这个炸弹的入选国的债务相对于GDP都非常高，随时都可能爆炸或主权违约。
The bomb consists of countries that have a combination of budget deficit and borrowings relative to GDP which puts them into the category "Time bomb" or high risk of default.
不过，葡萄牙和爱尔兰共和国的借贷成本仍然停留在高水平上，这个水平意味着市场认为它们也可能在五年内违约。
However, the borrowing costs of Portugal and the Republic of Ireland still remain at levels that suggest markets think they too are likely to default in the next five years.
欧元区成员国违约仍然是很难想象的一件事。
富裕国家反而缺乏更多选择，以欧盟成员国为例，欧洲周边地区的沉重债务造成了通胀，进而让他们失去了准违约的可能。
In contrast, some rich countries have fewer options. Euro membership, for instance, has removed the option of quasi-default via inflation for the heavily indebted on Europe's periphery.
杠杆计划的另一个困难在于，那些为欧元区债券发行国提供担保的国家本身也可能因为邻国的违约而被削弱。
A difficulty with the leverage scheme is that those insuring the debt of euro-zone issuers would themselves be grievously weakened if a neighbour defaulted.
他说：“他们不愿意妥协，这让我们走到债务违约的边缘，合众国的信用处于危险之中。”
"Their unwillingness to compromise is pushing us to the brink of a default on the full faith and credit of the United States," he said.
与此同时，大部分投资者认为德国不会允许欧元区成员国希腊在债务上违约。
At the same time, most investors believe Germany won't permit Greece, a euro-zone member, to default on its debt.
这样就造成了一种恶性循环，可能造成一国越来越依赖外部援助，直至最终债务违约。
This creates a downward spiral in which a country becomes dependent on bailouts until it finally defaults.
有史以来第一次，欧元区领导人同意成员国违约然后退出欧元区。
It was the first time euro-zone leaders accepted that a member could default and leave the euro.
成员国不愿过度严格地惩罚违约者以防他们自己某天也会陷入困境。
Member states had not wanted to impose overly strict penalties on treaty violators in case they themselves fell into difficulties.
因为他们模拟的是整个欧洲的衰退，而非希腊一国的违约。
They simulated a European recession but not a Greek default.
但相对于全面违约的潜在成本，德国和其他国家可能投入三国纾困计划的资金似乎数量剧大(见图表)。
But compared with the potential costs of full-blown default, the amounts that Germany and other countries are likely to put into the three bail-out packages look like excellent value (see chart).
本周，希腊万众瞩目：倘若违约，希腊将成为欧盟成员国先例。
This week all eyes have been on Greece. If it defaults, it will be the first EU member to do so.
希腊这样小型会员国的违约固然对欧元的地位有相当打击，但却不致于让其崩溃瓦解。
Default by a smaller member such as Greece would be a body blow to the euro's standing but it need not spell the end of the currency.
据称在考虑竞选该职位的费希尔2002年时曾说，经济学家接受一国违约要比该国政客更容易得多。
But Mr Fischer, who has reportedly been considering a bid for the job, said in 2002 that economists are far more willing for a country to default than the country's policymakers themselves.
格林·纳达、喀麦隆、伯利兹或多米尼加共和国这些在债务违约之后表现差劲的国家从乌拉圭违约后的繁荣当中得不到多少安慰。
Grenada, Cameroon, Belize or the Dominican Republic, which fared poorly after defaulting, can take little comfort from Uruguay's post-default boom.
如果一国拥有自己的货币，该国就可以违约，既可以直接违约，也可通过通货膨胀隐形违约。
They can default, either outright or, if they have their own currencies, through inflation.
市场的行为似乎倾向于整个欧元区内的违约风险实质上没什么区别似的——因此才有关于欧元候选国的“趋同性竞赛”的讨论。
The markets have tended to behave as if default risks were essentially similar across the currency zone-hence the talk of "convergence plays" on countries close to euro entry.
主权违约、银行倒闭，甚至重要成员国退出欧元区，这些因素加在一起必然会导致混乱。
Some combination of sovereign defaults, banking failures and even exits from the euro zone by important members would surely create turmoil.
伴随着财政分权，世界范围内，地方公共债务的日渐膨胀以及拖欠或违约已不是个别现象，情况严重的甚至引发了一国宏观经济的不稳定。
With the fiscal decentralization, local debt increasingly expands and debt defaults are not scarce in the world, some of which resulted in severe instability of macro-economy.
伴随着财政分权，世界范围内，地方公共债务的日渐膨胀以及拖欠或违约已不是个别现象，情况严重的甚至引发了一国宏观经济的不稳定。
With the fiscal decentralization, local debt increasingly expands and debt defaults are not scarce in the world, some of which resulted in severe instability of macro-economy.
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