In Europe, the recession has lasted six years and counting; in Chile, it lasted ten months. Tough regulation and record-low interest rates left companies and households with no debt overhang and little need to deleverage.
在欧洲，衰退已经持续了六年并还在继续；在智利，衰退只维持了十个月。严格的监管和创纪录的低利率让企业和家庭并未积累债务，因此也不需要去杠杆。