In the spirit of setting things straight, all account books should be balanced, debts paid off, and houses cleaned before New Year's Day.

本着使一切顺利的精神，所有账册应该是平衡的，元旦前还清债务，清理房屋。

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The country would almost certainly reintroduce the drachma, which would devalue dramatically and quickly, making it even harder for Greece to repay its debts, and setting an even worse precedent.

BBC: Eurozone crisis explained

Some debts may even be forgiven, setting a precedent for others in Asia to follow.

CNN: Bracing for a Default

But the Chapter 9 bankruptcy case also is being closely watched nationally for the potential precedent-setting implications: whether federal bankruptcy law trumps the California law that says debts to the state pension fund must be honored.

NPR: Stockton Bankruptcy Decision Only The Beginning