Heavy debt loads in Greece and other European countries had been one of the few drags on an otherwise rising stock market in recent months.

希腊及其他欧洲国家堆积如山的债务已成为数月来阻碍股市上涨的鲜有利空之一。

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But it also is in part a reflection of reluctance by Americans to hold big loads of debt at a time when the job market is in bad shape and the value of their homes has fallen.

但消费贷款余额下降也部分反映出，美国人面临着不景气的就业市场和价值不断缩水的自家住房，普遍不愿意背负巨额债务。

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"When the housing and mortgage markets cratered, the lack of transparency, the extraordinary debt loads, the short-term loans and the risky assets all came home to roost," the report found.

报告发现，“住房和抵押贷款市场处于火山口之时，透明度的缺失，额外债务负担，短期贷款，以及充满风险的资产最终自食其果，”“随之而来的就是恐慌。”

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The key issues are the rational desire to reduce debt loads, and the inadequacy of profitable investment opportunities in an economy flooded with excess capacity.

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But such sizable deals haven't emerged since the recession, when some buyout targets struggled under the weight of their deal-generated debt loads as the economy turned.

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The most important news of the day is gold hitting successive new highs, while the western world struggles with resolving their debt loads and the East entrenches for the inevitable negative impact of a resolution.

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