The Philippines is pursuing a number of debt swaps, offering to buy back shorter-dated debt in return for longer-dated issues.

菲律宾正在寻求大量债务互换，买回较短期的债务，从而发行较长期的债务。

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Insuring Spanish debt became less costly too; Spain's credit-default swaps fell by 10.5 basis points.

西班牙债务的投保代价也没那么高了；西班牙的信用违约互换下降了10.5个基点。

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Sovereign CDSs also tend be priced in dollars-except for swaps on America's debt, which are priced in euros-so currency risk blurs things too.

主权信用违约掉期通常用美元计价(美国债务的信用掉期除外，为欧元计价)。所以，外汇风险的加入会把情况搞得更加复杂。

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The government has until 15 December to reimburse the hedge funds, which shunned two previous debt swaps.

BBC: Argentina default on debt likely, says Fitch

Argentina had been given until 15 December to reimburse the hedge funds, which shunned two previous debt swaps.

BBC: Argentina wins court delay over debt

But that action should pave the way for the debt-equity swaps with the bankers that will make Daewoo's subsidiaries healthy enough to sell, so breaking up Mr Kim's fief.

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