翻译练习：Roll Up And Write Down（2）

Roll Up, Roll Up And Write Down : How Can Governments Recover Faster From Insolvency?(2)

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？（2）

债务违约

(3)Many fear another series of defaults is looming. Governments revenues and export receipts have plunged in many poor countries (though efforts by Amerrica's Federal Reserve to calm financial panic have lowered their cost of borrowing). On November 13th Zabia became the sixth country this year to default on its bonds. Eight spend over 30% of their fiscal revenues on interest payments, reckons Fitch, a rating agency, more than in the early 2000s when Bono and other debt-relief campaigners were at their clamorous best. Fitch gives 38 sovereigns a rating of B+ or worse, where B denotes a "material" risk of default(see chart 2). According to its projections, governments with a junk rating - BB+ or worse - may soon outnumber those classed as investment-grade.

许多人害怕另一波违约正在路上。很多的穷国政府税收与出口收入骤降（尽管美国联邦储备委员会为平息金融恐慌所做的努力降低了他们借贷的成本）。在11月13日，赞比亚成为今年（2020）第六个在债务上违约的国家。有八个国家使用超过30%的财政收入用来利息支付，惠誉这家评级机构评估，比21世纪初博诺等债务免除人士闹得最凶的时候的债务还要多。惠誉给38个主权国家评为B+或更差，B意味着有“实质性”违约风险（看表2）。根据他的预测k获得垃圾评级的政府——BB+或更低——数量很快就会超过那些列为投资级的政府。

(4)Will the circus handle any new crisis better than it did in the 1980s? In some ways its task is even harder now. Poor countries owe a wider variety of liabilities to a broader range of creditors. For many emerging economies, bonds have eclipsed bank loans. And loans themselves are far from uniform. Some are secured against state assets, such as a stake in a public enterprise, or oil revenues; the creditor might prefer to seize the collateral rather than write off the debt. Others are syndicated, or parcelled out among many banks, which means that no single creditor can forgive the loan at its own discretion.

这种马戏团似的应对危机的方式会好于20世纪80年代时期吗？从某个角度，其实现在更难了。穷国有更多的负债种类，更大范围的债权人。很多新兴的经济体，公债已经超越了银行贷款。而贷款本身也各不相同。有些是以国家资产为担保，比如国有企业的股份，或者石油收入；债权人更喜欢抓住抵押物，而不喜欢打欠条。另一些是辛迪加，也就是分销到许多银行，这意味着没有一个债权银行可以自主决定免除这笔贷款。

(5)This gnarly mix of instruments is matched by an equally tangled bunch of creditors: public, private and everything in between. In April, for example, the G20 group of big economies called on member governments to provide a repayment holiday on loans to the world's poorest countries.

与这种工具的复杂混杂相匹配的是一群同样乱七八糟的债权人：公有的，私有的，还有公私混合的种种。例如，在四月份，由大型经济组织G20呼吁成员政府提供给世界上最穷的国家一段时间的债务缓偿期。