So while the EFSF scheme is designed to offer insurance to bondholders, the European leaders' insistence that the Greek writedown be voluntary will make euro-zone debt harder to insure.

因此，尽管EFSF基金计划给国债投资人提供担保，欧洲领导人执意无偿减记希腊债务的行为，无疑将加大欧元区的债务担保难度。

youdao

The risk, acknowledged by the company itself, lies in the damage the writedown will do to Toshiba's already weak financial position and shareholder equity levels.

该公司承认，风险在于减记将损害东芝已然脆弱的财务状况和股东权益水平。

youdao

That is true, but this implausibly large "voluntary" writedown will lead investors in other European sovereign bonds to doubt whether CDSs offer much protection.

情况确实如此，但这一大得令人难以置信的“自愿”减免将让其他欧洲国家的主权国库券投资者怀疑CDSs没有提供多大的保护。

youdao

Yet an essential counterpart to the Greek writedown is a credible firewall around heavily indebted yet solvent borrowers such as Italy.

ECONOMIST: Economic crisis

The company had to take a massive writedown of its inventories after orders for 1, 965 tons of drill pipes for customers in North America, Russia and Central Asia were canceled.

FORBES: Add Oil! Chinese Drill-Pipe Maker Ventures Into The Middle East

So while the EFSF scheme is designed to offer insurance to bondholders, the European leaders' insistence that the Greek writedown be voluntary will make euro-zone debt harder to insure.

ECONOMIST: Economic crisis