债务互换

在短期内，要吸引私人部门自愿参与，唯一办法是在欧洲金融稳定安排（efsf）的组织下，实行债务互换。

In the short run , the only way to bring the private sector into a voluntary scheme is a debt swap , to be organised by the European financial stability facility .

他们似乎已达到了自己的目的：ISDA表示，由于债务互换是自愿行为，即便将希腊债务减记50%，也不会触发CDS偿付。

They seem to have got their way : ISDA indicates that CDS will not be triggered by a voluntary debt swap , even if it writes the bonds ' values down by half .

惠誉（FitchRatings）表示，任何新债换旧债或债务互换行为仍会被视为违约，这对财政部长们和债券持有人试图寻找解决方案时构成了限制。

Fitch Ratings said that any rollover or debt exchange would still be considered a default , which constrains finance ministers and bond holders as they try to hammer out a rescue .

希腊与私营领域债权人自愿进行债务互换的计划，前景也不明朗。

A voluntary debt swap between Greece and its private sector creditors is elusive .

他未提到实施债务互换计划的具体时间，该计划还有待阿根廷国会批准。

He did not offer a timeline for the debt swap , which still needs to be approved by Congress .

通过市场手段谋取公共利益是有可能的正如利用希腊债务互换获得市场折价那样。

It is possible to exploit markets for the public benefit as with a Greek debt swap to capture market discounts .

我们认为，追溯性地引入集体行动条款，将损害债券持有人在即将到来的债务互换中的议价能力。

We believe the retroactive insertion of CACs will diminish bondholders ' bargaining power in an upcoming debt exchange , it said .

希腊政府警告，如果决定参与该计划的债券持有人不足90%，债务互换方案可能会完全取消。

The government has warned that if fewer than 90 per cent of bondholders decide to participate , the debt swaps may be cancelled altogether .

这项最终在周五进入紧要关头的债务互换计划可以作为葡萄牙和爱尔兰等欧元区边缘成员国未来实行债务重组的样板。

The debt exchange that finally came to a head on Friday could serve as a template for future restructurings involving other peripheral eurozone members , like Portugal and Ireland .

不过雅典的私营银行对包含在债务互换计划中的2020年到期的债券，已经接受了14%到21%不等的扣减。

Yet private Athens banks have already accepted haircuts ranging between 14 per cent and 21 per cent on bonds maturing by 2020 that would be included in the swap programme .

认为对不良债务进行互换就能逃脱评级下降的命运，实在是一种幼稚的想法。

It was naive to think a distressed debt exchange could ever escape a rating downgrade .

通过以新交易与债权人持有的原有债务进行互换，巴基斯坦、乌克兰和乌拉圭实现了债务重组，这些新的交易让这些国家的偿债时间延长了很多年。

Pakistan , Ukraine and Uruguay all restructured their debt by swapping old obligations to creditors with new deals that extended for many years the time over which the countries had to pay back .

截至上午晚些时候，交易商以预付点形式提供针对该公司债务的信用违约互换（CDS）报价。这显示出，由于市场担心该公司出现违约的可能性上升，卖家希望能预先得到更多补偿。

By late morning , dealers had quoted credit default swaps on the firm 's debt in points up front , indicating sellers wanted to be paid more in advance amid concern the likelihood of a default had increased .

CMADataVision的数据显示，迪拜主权债务的信用违约互换价格已经暴涨至比冰岛还高的水平。

Credit default swaps on Dubai 's sovereign debt have exploded to levels higher even than Iceland 's , according to CMA Datavision .

对主权债务而言，国际互换与衍生品协会（isda）定义的信用事件是指未能支付票息或本金、重组（改变协议条款）、拒绝或暂停偿债。

For sovereigns , a credit event is defined by the International Swaps and Derivatives Association as a failure to pay a coupon interest payment or principal , a restructuring changing the terms of an agreement or the repudiation of or moratorium on debt .

和恼人的万亿债务和信用违约互换相比，古老的农业似乎是让人安心的实体经济。

Amid head-spinning talk of trillion-dollar debt and credit-default swaps , old-fashioned farming seems reassuringly tangible .

债券市场甚至走强，英国主权债务的信用违约互换息差收窄了7个基点。

Bond markets even rose , while credit default swaps on UK sovereign debt tightened 7 basis points .

理性的投资者不会通过购买一份欧洲债务的信用违约互换协议来进行有效的套期保值。

Investors may reasonably presume that buying a CDS on European debt is an ineffective form of protection .

这种债务与资产的互换，可能会对那些难以坚持还贷的房屋所有者有所帮助，同时在预计房价将上涨的未来时间不会增加联邦预算。

Such debt-for-equity swaps could help homeowners struggling to keep up with mortgage payments , while not adding to the federal budget in future years when prices are expected to rise .

但在将被用来进行债务重组的债券互换中，私人部门持有人不仅将接受面值更低的新债券，而且这些债券的利率还将大大低于上月协议的水平。

But in the bond swap that will be used to execute the debt restructuring , private bondholders will not only receive new bonds with a lower face value , but their interest rates will be significantly lower than the deal struck last month .