The creditors who will be paid only part of what they are owed are the most important in any deal because they can hold out for more.
债权人只能收回一部分的债务,但对每宗交易都是至关重要的,因为他们能比企业坚持得更久。
Because any restructuring plan has to be approved by a majority of creditors, the ability of a group of lenders to hold out for a better deal has grown.
由于所有改组方案都必须获得多数债权人的支持,所以债权人对改组的影响力得到加强。
One way to do this would be to state more explicitly that a bail-out for Greece is also a bail-out for German Banks that hold lots of Greek bonds.
做到这点的一种办法就是更明确地声明解救希腊也是解救持有大量希腊债券的德国银行。
Because we hold relatively stable, relatively well-diversified portfolios, security selection turns out not to be an important determinant of returns for most investors and market timing turns out not to be an important determinant of returns.
因为持有相对稳定,和相对分散的投资组合,证券选择不再是,决定投资者回报率的重要因素,而市场时机选择,也不会成为决定回报率的重要因素
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