In a world of fluctuating currencies, however, accumulating large quantities of net foreign liabilities is easiest for countries able to borrow freely in their own currencies.

然而，在一个汇率不断波动的世界里，那些能够用本币自由借贷的国家最容易累积大量净外债。

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(by comparison, America's net foreign liabilities are 17% of GDP.) Much of their debt is being financed by local bank borrowing or bonds sold to investors in creditor countries, such as Germany.

(相比之下，美国的净外债仅占其GDP总量的17%)这些债务中的多数，来自当地银行的贷款，或是向债权国，比如德国出售债券。

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Credit Suisse cites Hungary as one of the most vulnerable countries to deflation because its net foreign liabilities are 123% of GDP.

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