But investors will have to work to separate the prudent from the profligate.
但是投资者将不得不区分挥霍浪费的州和审慎的州。
Before the credit crisis started to brew, investors were almost as keen to own the public debt of profligate Italy as that of prudent Germany.
就在信贷危机酝酿之前，投资者对挥霍无度的意大利公债的热情甚至不亚于对节俭的德国国债的热衷。
As a result, municipal defaults should remain low relative to similarly rated corporate credit, argues Mr. But investors will have to work to separate the prudent from the profligate.
Friedlander先生认为，最终市政债券的违约率相对类似评级的公司债券而言应该是比较低的。但是投资者将不得不区分挥霍浪费的州和审慎的州。
But with more money, better governance and clearer rules, it could provide collective insurance for the prudent and conditional assistance for the profligate.
对于为浪费挥霍的国家提供的小心谨慎，带有条件的援助，IMF在资金充足，管理完备，规矩明确的情况下，会为此进行集体的保险。
Such promises, though necessary to convince the prudent to rely on the fund, will however tempt some countries to run profligate policies.
这种承诺，尽管能够说服那些谨慎的人信赖这一基金，但是同时也会使某些国家因此在制定政策时挥霍无度。
Such promises, though necessary to convince the prudent to rely on the fund, will however tempt some countries to run profligate policies.
这种承诺，尽管能够说服那些谨慎的人信赖这一基金，但是同时也会使某些国家因此在制定政策时挥霍无度。
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