Corporate debt in the developing world is estimated to have reached more than $18 trillion dollars, with as much as $2 trillion of it in foreign currencies. The risk is that – as in Latin America in the 1980s and Asia in the 1990s – private-sector defaults will infect public-sector balance sheets.
大量对债务的关注集中在了欧元区的违约可能上。但新兴市场的重债国可能更加危险。发展中国的公司债务据估计已经高达18万亿美元以上，其中有2万亿美元为外币债务。风险在于——如20世纪80年代的拉美和90年代的亚洲——私人部门违约将影响到公共部门资产负债表。