In other words, investors are expecting to receive only about half of what they are owed. The hope is that the reduction in borrowing costs on new loans, plus the austerity programs promised by governments, will enable bond prices to recover to par without the need for the creditor banks to take a hit.
换句话说，投资者预期，债务人只能偿还一半的债务。投资者的希望是，新贷款借贷成本的下降加上政府承诺的财政紧缩计划能够让债券价格重新回到面值，债权人银行不会受到损失。