危机随着次贷问题的蔓延而火速爆发。很多资产相比买来的时候已不值几个钱。负债开始变得不可支撑而且利率可开始飙升。这意味着随着负债不断增加,政府、消费者和银行突然面临着过高成本,因为当债务到期,他们要面临更高利率的贷款。
The reaction was quick. By the end of 2008 the Federal Reserve, the ECB and the Bank ofEngland had slashed official interest rates. Their aim was to offset the spike in debt coststhat companies and consumers were facing. The cuts were fast by Japanese standards . It seemed the first lesson had been learnt.
相关部门对此作出快速反应。在2008年末,美联储、欧洲央行和英国银行已经削减了官方利率。他们的目标是冲抵公司和消费者要面临的高债务支出。这种削减相对于日本当年的反应速度是很快的。看上去我们吸取了第一个教训。
Falling asset prices meant that many banks and firms had debts that outweighed their assets.The Japanese experience showed that the next job was to deal with these brokenbalance-sheets. There are three main options: renegotiate debt, raise equity or gobankrupt.
下降的资产价格意味着很多银行和公司拥有的负债超过了资产。日本经验表明下一个任务是解决这些糟糕的资产负债表。这有三个主要的选择:重新谈判债务、提高权益或是破产。
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