With a debt to gross domestic product ratio of more than 150 per cent, large annual deficits and interest rates more than 25 per cent, the only question is when the default will occur.

当一个国家的债务占国民生产总值的比例高于百分之150，年赤字和利息占国民生产总值的比例高于百分之25，唯一的疑问就是在什么时候国家的破产会发生。

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The larger the house price fluctuation ratio and loan to house value ratio are, the higher of the default rate;

住房价格波动率和贷款房价比越大，住房贷款违约率越大；

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This link between the payout ratio and the reason for default has intuitive appeal and is one of the strengths of this approach.

派息比率与默认派息比率的原因之间的这种联系具有直观的诉求，也是这种方法的长处之一。

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In previous cycles, a rise in the ratio of downgrades to total ratings changes has been a good predictor of rising default rates.

ECONOMIST: Buttonwood