Under a CDS, one party seeks to protect itself against the default of a bond issuer by paying an annual sum—the equivalent of an insurance premium—to someone else who wants to take on the risk.
在信用违约掉期条款下，一方为了保护自己免受国债发行者债务违约的风险，支付一定年费（相当于保险费）给第三方，让第三方来承担相应的风险。
An orderly default is equivalent to restructuring debt — whereby creditors accept a loss while debtors agree to pay most of its debts.
有序违约相当于债务重组，也就是债权人接受部分损失，同时债务人同意偿还大部分债务。
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