公债

Since if Greece's nominal GDP were to decline over the next few years by 30 percent as a result of a deep recession and price deflation, Greece's public-debt-to-GDP ratio would arithmetically rise from its present level of around 120 percent towards 175 percent.

原因在于，如果深度衰退和价格水平下跌令希腊的名义GDP在未来几年内下降30%，那么其公债－GDP比率就会由当前的120%左右升至175%左右。

Government issue of new Bond s.

政府发行的新公债

A bond whose redemption value is linked to a variable such as the dollar/yen exchange rate, the performance of the benchmark US Treasury bond, a stock index or the gold price.

指赎回价值与某种指标挂钩的债券，参照指标可以是美元兑日元的汇率、美国公债、股价指数或黄金价格的走势等。

And inflation is – like default – a capital levy on holders of public debt, as it reduces the real value of nominal liabilities at fixed interest rates.

而通胀会稀释固定利率下名义债权的实际价值，本质上和违约一样，是对公债持有人强征资本税。

After all, in the last decade or so, Russia, Argentina, and Ecuador defaulted on their public debts, while Pakistan, Ukraine, and Uruguay coercively restructured their public debt under the threat of default.

毕竟，在过去 10 年里，俄罗斯、阿根廷、厄瓜多尔曾发生公债违约，而巴基斯坦、乌克兰和乌拉圭靠着强行推进公债重组，才免于违约。

Existing investors in American debt, such as China, have no incentive to drive down its value with a fire sale of their holdings.

现有美国公债的投资者，如中国，没有动机要抛售美国公债，因为这将减低他们持有部位的价值。

Let it be understood that no repudiator of one farthing of our public debt will be trusted in public place, and it will go far toward strengthening a credit which ought to be the best in the world, and will ultimately enable us to replace the debt with bonds bearing less interest than we now pay.

为了使我们与我们的后代保持联邦制度，国家背负了一笔巨额债务，偿还债款的本金和利息以及恢复硬币制度必须育妥善的安排，必须使债务人和国家不受物质损失，为了维护国家的荣誉，除非债约中另有规定，所有政府公债均应用黄金来偿还。应当明白，即使拒绝偿还公债中的一角钱，也会使政府不为公众所信任。

Local bonds release in overseas has the universality. No matter in the sole system country with highly degree of financial centralization, such as Japan and France, or in the federal system country with implementing the financial decentralization, such as the US, Canada and some developing countries, like Latin America and so on, the local loan occupies the important position in its financial revenue and the bond system.

地方债券的发行在国外具有普遍性，无论是财政集权程度较高的单一制国家，如日本、法国，还是实行财政分权的联邦制国家，如美国、加拿大，或是一些发展中国家，如拉丁美洲等，地方公债均在其财政收入和公债体系中占据重要地位。

The long-term public and semipublic credit is a foreign and disturbing element in the structure of a market society.

至於长期的公债与准公债，是市场社会的架构里面一个陌生的干扰因素。

The markets are just as kind to other euro-zone spendthrifts. Government bonds from Greece (deficit last year, 5.2% of GDP; debt, 108%; but GDP growth, healthy) yield about the same as Italy's. Those from Portugal (deficit, 6%; debt, 63%; growth, perkier this year after a feeble run) yield ten basis points less.

希腊（去年的赤字占到该国GDP的5.2%，债务占到GDP的108%，但是该国GDP的增长健康）公债收益率和意大利同种公债的收益率相同，而比葡萄牙（赤字占到该国GDP的6%，债务占到GDP的63%，在经历了缓慢的增长后，今年该国的经济增长会更有强劲）低10个基点。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。