The European Central Bank (ECB) opposes a restructuring of Greek debt partly because of the risk that investors would then desert other troubled countries on the euro area's periphery.

欧洲央行反对希腊对债务进行重组，部分原因是为了防止投资者对欧元外围区的其他国家也失去信心，外围区国家也深陷债务麻烦之中。

youdao

The pressure is growing on senior bond holders of Europe's troubled Banks who might not receive state support to preserve their capital, in other words they are inching closer to a debt restructuring.

欧洲问题银行业的优先债券持有人面临越来越大的压力，他们或不能得到中央财政的支持以保护自身的资金安全。换言之，优先债券持有人面临债务重组的几率正在加大。

youdao

The small but influential firm buys the equity or debt of troubled companies and then uses its influence to push for restructuring.

ECONOMIST: Dealing in duds

Banks are also raising their stakes in their most troubled borrowers, via debt-for-equity swaps, in return for tepid restructuring schemes.

ECONOMIST: Japanese stockmarkets

On this plan, the EFSF could then be a proper European Monetary Fund, with one side managing adjustment programmes and (where necessary) orderly debt restructuring, and the other side using ECB liquidity to support confidence in solvent but troubled governments, by buying their bonds on the secondary market.

BBC: Central banks and the 'spirit of 2008'