Germany would in any case be able to issue cheap debt in the run-up to conversion.

在货币转换准备阶段，不管怎样德国是能够发行廉价借款的。

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The conversion of a debt into capital;

将债务转为资本；

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It rejected as illegal the conversion of the Fobaproa debt into public debt.

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The problem is that once a conversion period rolls around, investors have the opportunity to actually call for the debt, potentially bankrupting companies or forcing them into debilitating negotiations.

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