Local banks and firms go on a borrowing binge and pile up dollar-denominated debt – debt that pundits consider perfectly sustainable, as long as the local currency is strong. Suddenly, something (an increase in United States interest rates, a drop in commodity prices, a domestic political conflict) causes the local currency to drop in value against the dollar.
圣地亚哥—考虑以下情形。这一情形在新兴市场国家一再上演过。本地银行和企业继续着借贷狂欢，积累了大量美元计价债务——专家们认为这些债务可以完美维持，只要本币保持坚挺。突然间，一些事情（美国利率升高、大宗商品价格下跌、本国政治冲突等）导致本币兑美元贬值。用本币衡量的债务负担大大增加。一些借款人无法偿付利息；另一些借款人无法延期本金。金融损失随之而来。