Creditors that own swaps lower their risk of a debtor not paying back a loan, because a third-party insurer is on the hook for some of the unpaid debt.

持有掉期交易的债权人可以降低其债务人不偿还贷款的风险，因为第三方保险的对这些未偿债务有关联责任。

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In the third scenario, the creditor pretends that the debtor hasn't gone bankrupt, stretches the repayment, and foregoes interest.

在第三种情景下，债权人假装债务人没有破产，延长偿还期，减少利息。

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And that leaves Italy - the world's third-largest debtor - vulnerable.

BBC: Berlusconi on the rack

This can be as much as a third of the total money the debtor pays back.

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In future, debt collectors will be unable to arbitrarily ignore third parties, such as Citizens Advice Bureau, appointed by the debtor.

BBC: Debt collectors face tougher controls