Without forcibly cramming down the creditors, Europe could improve the incentives for debt buy-backs by finally instructing regulators to mark sovereign debt to market in bank stress tests.

欧洲不需要强迫债权人，就可以通过最终要求监管机构在进行银行压力测试时对主权债务按市价计值，来增强债务回购的激励。

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Seven European banks failed the stress tests conducted to assess their resilience to a sharper-than-expected recession and sovereign-debt shock.

七家欧洲银行没有通过旨在评估他们对超预期衰退和主权债务危机适应能力的压力测试。

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A news report released overnight showed that European stress tests understated some holdings of sovereign debt.

隔夜有报道称，欧洲银行业压力测试中低估了一些银行持有的主权债券规模。

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At a Bloomberg sovereign debt briefing in late June, a question was asked about whether the stress tests would look at sovereign exposure.

FORBES: Very Little Reality In European Bank Tests

The problem with these stress tests is that they assumed that 80 % of Greek sovereign debt was risk-free, as all other debt issued by Euro members.

FORBES: Not Your Garden Variety Recession...

And the Federal Reserve Board is imposing new stress tests to determine whether leading banks can withstand a wave of sovereign- debt and bank defaults in Europe.

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