最后，由于这场危机实际上既是偿付能力危机，也是流动性危机，各国必须启动有序的债务重组。

Finally, since this is a crisis of solvency as well as liquidity, orderly debt restructuring must begin.

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在这场考验下，从近期看来，中央银行向各家银行注入资金是正确的，因为这确保了清偿危机没有变成偿付能力危机。

By that test, central Banks were right to lend money to the Banks in recent days, because it ensured that a liquidity crisis did not become a solvency crisis.

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第四，危机对许多公司是毁灭性的，因为偿付能力的忧虑导致流动性问题。

And fourth, the crisis was destructive to many firms because solvency worries led to liquidity problems.

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