If the euro zone's recovery is to strengthen, this burden of private debt must be lightened.

若欧元区的复苏得到巩固，那私人债务压力也定能减轻。

According to the IMF, private debt is a bigger drag on Europe's growth than government debt.

据国际货币基金组织透露，比起政府债务来，私人债务更能够抑制欧洲的经济增长。

So that makes it really hard for private debt to compete.

因此，这使得私人债务很难参与竞争。

This pile of debt consists of leveraged loans and borrowing from private debt markets.

这堆债务包括杠杆贷款和来自私人债务市场的借款。

And then they borrow the balance from big global banks or private debt funds.

然后他们从大型全球银行或私人债务基金借入余额。

In the private debt market, where default rates tend to be higher, borrowers are confronting similar woes.

在违约率往往较高的私人债务市场，借款人也面临着类似的困境。

Deflation would be particularly grave for the euro area because both private and public debt is so high in many of the 18 countries that share the single currency.

通货紧缩对于欧元区是非常严重的，因为在使用单一货币的18个国家中，私人债务和公共债务大都相当繁重。

The following month, the International Organisation of Securities Commissions, a global regulatory body, warned about the risks of leverage and the opacity of private debt markets.

接下来的一个月，全球监管机构国际证券委员会组织就杠杆风险和私人债务市场的不透明性发出了警告。

Advocates for private debt have long argued that they are better suited to periods of higher defaults, since the co-ordination costs between a small group of lenders are lower, making the correction of vexed balance-sheets easier.

私人债务的倡导者长期以来一直认为， 私人债务更适合违约率较高的时期，因为一小群贷款人之间的协调成本较低，从而更容易纠正令人烦恼的资产负债表。

A big rise in distress would not only make it harder to find institutions willing to plough money into private debt funds, with investors normally attracted by the promise of smooth returns, but also spill over to the leveraged-loan market.

困境的大幅增加不仅会导致更难找到愿意将资金投入私人债务基金的机构（投资者通常会被平稳回报的承诺所吸引），而且还会蔓延到杠杆贷款市场。