翻译练习：Roll Up And Write Down（结束）

Roll Up, Roll Up And Write Down : How Can Governments Recover Faster From Insolvency?(结束)

滚动贷款，滚动贷款再减记债务：政府如何才能从破产中快速恢复？（结束）

灵活债务

(8)A review of the "architecture" for resolving sovereign debt, published by the IMF in September, pondered other contractual innovations that might ease future restructurings. Lenders might insist on wider use of "negative-pledge clauses" that prevent a borrower pawning vital assets as collateral to other reditors. Syndicated loans might add "yank the bank" provisions that allow a lender to be kicked out of the syndicate if it blocks a deal. The fund is also paying renewed attention to "contingent" debt instruments that are more sensitive to the ups and downs that befall poor countries. Barbados, for example, has issued bonds that repay less in the event of an earthquake or tropical cyclone.

对解决主权债务“框架结构”的评审，由IMF在9月发表，考虑其他合同上的创新也许可以简化未来的重组。贷方也许会坚持最大限度使用“消极担保条款”阻止借方把至关重要的财产作为抵押物抵押给其他债权人。辛迪加放款也许添加“美国银行”条款，允许一个借款人如果阻碍了交易就会被踢出辛迪加。国际货币基金组织也重新开始关注“代表团”债务工具，这一工具对降临在穷国的起伏变化更为敏感。比如巴巴多斯，它发行的债券可以在地震或热带气旋发生时减少偿还。

(9)One idea, proposed by Ben Heller and Pijus Virketis of HBK Capital Management, an investment fund, is "bendy bonds". In most cases, these would behave like ordinary bonds. But in a crisis the issuer could extend the maturity and defer interest for a couple of years in return for paying additional interest at the end of the bond's life. The issuer could benefit from the kind of payment holiday envisaged in the G20's April initiative without any help from the great powers. As the long history of debt restructurings attests, "fixed" income liabilities are often anything but. Solemn commitments to pay in full and on time cannot always be kept. Lenders and borrowers alike might therefore welcome instruments that specify up front when and how fixed income will become more flexible.

投资基金HBK资本管理部门的本・赫勒与皮朱斯・弗克提斯提出了一个建议，叫“柔性债务”。在大多数的情况下，柔性债务与一般债务很像，但是在危机时，发行人可以延展到期时间，并推迟利息的支付几年，在债券到期时，需要支付额外的利息。债券发行者可以享受G20（2020年）四月提倡的那种暂停支付期，而不需要大国的任何帮助。正如漫长的债务重组历史证明的那样，“固定的”债务收入完全不固定。庄严承诺一定按时全额偿还并不总是能够得到遵守。债款人与贷款人也许都会因此而欢迎这些能够预先明确固定收益何时以及如何变得更加灵活的工具。