Without forcibly cramming down the creditors, Europe could improve the incentives for debt buy-backs by finally instructing regulators to mark sovereign debt to market in bank stress tests.

欧洲不需要强迫债权人，就可以通过最终要求监管机构在进行银行压力测试时对主权债务按市价计值，来增强债务回购的激励。

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Mr Quattrone has said he was simply instructing CSFB staff to follow the bank's policy of routinely purging outdated documents, and did not intend to obstruct the investigation.

BBC: NEWS | Business | Quattrone wins reprieve from jail