信用违约互换是投资者对冲或押注无法偿还债务企业的金融衍生品。
Credit default swaps are derivatives that investors use to protect against, or bet on, an entity being unable to repay its debts.
这就是为什么每次由人为的过度信贷造成的繁荣出现之后就会出现过度而无法偿还债务的违约。
That's why every boom caused by excess, artificial credit is followed by a bust of excess, unpayable debt.
主权信贷违约掉期（一种押注某个国家无法偿还其借款的可能性的方式）在信贷活动中的角色也引发了相当大的争议。
The role of sovereign credit-default swaps (CDS), a way of betting on the likelihood of a country’s failure to repay the money it has borrowed, has proved particularly controversial.
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