the sixth country to fail to repay its outstanding loans, to the tune of $43 million dollars in November.

是第六個未能償還未償貸款的國家，11月未償貸款金額達4300萬美元。

This came after Argentina, Belize, Ecuador, Lebanon, and Suriname also defaulted on their debts that same year.

此前，阿根廷、貝裡斯、厄瓜多爾、黎巴嫩和蘇利南也在同年違約。

In fact, global debt has been on the rise since 2016.

事實上，自2016年以來，全球債務一直在上升。

The coronavirus pandemic has accelerated borrowing, with governments worldwide spending billions of dollars

冠狀病毒大流行加速了借貸，世界各國政府花費數十億美元

to mitigate the economic impact of the crisis, often borrowing huge sums in the process to save jobs and livelihoods.

以減輕危機對經濟的影響，在此過程中往往借入鉅額資金以挽救就業和生計。

The shortfall is usually funded by issuing government debt in the form of bonds.

不足部分通常通過發行政府債券的形式籌措資金。

So, what happens when governments fail to pay back the investors who bought these bonds?

那麼，如果政府不能償還購買這些債券的投資者，會發生什麼？

In 2003, Iraq owed roughly $130 billion to its foreign lenders, making it the most indebted country in the world then.

2003年，伊拉克約欠外國貸款人1300億美元，成為當時世界上負債最多的國家。

It didn't help that the United States invaded the country in the same year.

同年美國入侵我國也無濟於事。

Iraq would later turn to the Paris Club for help, and in a twist of fate

伊拉克後來向巴黎俱樂部求援，結果命運轉折。

the U.S. pushed to write off around 90% of the war-torn nation's debts.

美國推動註銷了這個飽受戰爭摧殘的國家90%左右的債務。

However, its other creditors, including Germany and France, were only prepared

然而，包括德國和法國在內的其他債權人只准備了

to forgive less than 50% of the outstanding amount.

免除低於50%的欠款；

Ultimately, the Paris club wrote off 80%of Iraq's debt, providing fresh ground for the country to rebuild.

最終，巴黎俱樂部註銷了伊拉克80%的債務，為伊拉克的重建提供了新的土壤。

But debts weren't always settled in such civilized ways.

但債務並不總是以這樣文明的方式來解決。

Towards the end of 1902, Great Britain, Germany and Italy imposed a naval blockade

1902年底，英國、德國和意大利實行海上封鎖

against Venezuela for failing to honor its debt repayments to them.

控告委內瑞拉沒有履行對他們的債務償還。

While the small Venezuelan fleet was quickly disabled, a compromise

雖然委內瑞拉的小艦隊很快就被打殘了，但是一個折中方案

was reached after the U.S. intervened with its much larger fleet of warships.

是在美國以其更大的戰艦艦隊介入後達成的。

Worried about the “gunboat diplomacy” by the European nations in its backyard,

擔心歐洲國家在後院搞 "炮艦外交"。

the U.S. later crafted a policy aimed at justifying interventions it claimed would

美國後來制定了一項政策，旨在為其聲稱的干預行動提供理由。

stabilize the economic affairs of small states in the Caribbean and Central America.

穩定加勒比和中美洲小國的經濟事務；

Thankfully, such strongarm tactics are a thing of the past in the 21st century.

值得慶幸的是，這種強硬的手段在21世紀已經成為過去。

However, global debt levels are on the rise.

然而，全球債務水準正在上升。

In 2020, the global 'debt tsunami' is to reach a staggering $277 trillion, or 365% of global GDP.

2020年，全球 "債務海嘯 "將達到驚人的277萬億美元，佔全球GDP的365%。

Among emerging markets, debt levels rose to nearly 250%of GDP, as governments

在新興市場中，債務水準上升到GDP的近250%，因為政府

in these developing countries diverted revenues to make repayments.

這些開發中國家將收入轉用於還款。

Emerging economies often have the potential for rapid economic growth,

新興經濟體往往具有經濟快速增長的潛力。

but they are also more vulnerable to economic shocks.

但他們也更容易受到經濟衝擊。

To calm investors' fears, these governments tend to pay their loans

為了平息投資者的恐懼，這些政府傾向於支付他們的貸款。

using the more stable U.S. dollar rather than their volatile currencies.

使用更穩定的美元，而不是其波動性較大的貨幣。

The risks mean investors often demand a higher price for lending money,

風險意味著投資者往往對放貸的價格要求更高。

which can increase the likelihood of these payments becoming unmanageable.

這可能會增加這些付款變得難以管理的可能性。

Many turn to the International Monetary Fund for relief, such as temporary loans to restore economic stability.

許多人轉向國際貨幣基金組織尋求救濟，如提供臨時貸款以恢復經濟穩定。

For emerging economies facing trouble in fulfilling their debt repayments, this is where the Paris Club steps in.

對於在履行債務償還方面遇到困難的新興經濟體來說，這就是巴黎俱樂部的介入點。

The Paris Club provides help by either canceling debt outright or rescheduling payments over a longer period.

巴黎俱樂部通過直接取消債務或重新安排較長時期的還款時間來提供幫助。

Unlike the London Club, which is an informal group of private lenders,

與倫敦俱樂部不同，倫敦俱樂部是一個非正式的私人貸款人團體。

The Paris club is made up of 22 permanent creditor countries.

巴黎俱樂部由22個永久債權國組成。

The members include most major economies, except for China.

成員包括除中國以外的大多數主要經濟體。

The group got its name in 1956, when Argentina, on the verge of default, met with the countries

1956年，當阿根廷瀕臨違約時，該集團的名稱由此而來。

it owed money to in Paris to discuss solutions to its debt difficulties.

在巴黎與欠它錢的人討論解決其債務困難的辦法。

In the years since, the club has signed more than 400 agreements worth

在此後的幾年裡，俱樂部共簽訂了400多份協議，價值為

more than half a trillion dollars with 99 countries with long-term debt.

超過5萬億美元，99個國家的長期債務。

The process, known as debt restructuring, involves negotiations between member states

這一過程被稱為債務重組，涉及成員國之間的談判。

and heavily indebted countries to lower interest rates or extend the due dates.

和重債國降低利率或延長到期日。

The Paris Club usually meets 10 times a year, bringing together

巴黎俱樂部通常每年召開10次會議，彙集了

debtor and creditor countries to negotiate new debt plans.

債務國和債權國談判新的債務計劃。

These negotiations are conducted before observers, typically from international organizations

這些談判是在觀察員面前進行的，通常是國際組織的觀察員。

such as the United Nations, the International Monetary Fund and World Bank.

如聯合國、國際貨幣基金組織和世界銀行。

The meetings, traditionally chaired by a senior official of the French Treasury,

這些會議，傳統上由法國財政部的一名高級官員主持。

are responsible for ensuring the discussions align with the Paris Club's

負責確保討論符合巴黎俱樂部的要求。

set of six principles built around compromise, negotiation and consensus.

圍繞妥協、談判和共識的六項原則；

These principles include being sensitive to the impact their actions have on others in the club and confidentiality.

這些原則包括對自己的行為對分會中其他人的影響保持敏感和保密。

To be eligible for help, debtor countries need to have a track record of implementing, or

為了有資格獲得幫助，債務國需要有執行或實施的記錄。

at least showing commitment to implementing economic reforms aimed at decreasing their total debt.

至少表明承諾實施旨在減少其債務總額的經濟改革；

A debtor country, when seeking relief from other non-Paris Club members,

債務國在尋求其他非巴黎俱樂部成員的救濟時；

should also do so on comparable terms arranged with the group.

也應按與集團安排的可比條件進行。

Members of the Paris Club then tailor their decisions to the needs of each country

然後，巴黎俱樂部的成員根據每個國家的需要作出相應的決定。

they deal with, rather than adopting a one-size-fits-all approach.

而不是採取 "一刀切 "的辦法。

It was in this spirit that the Paris Club members agreed to reduce debts

正是本著這種精神，巴黎俱樂部成員同意減少債務

for the poorest countries by a third for the first time in 1988.

1988年首次將最貧窮國家的收入減少三分之一。

Six years later, the group agreed to reduce some debts by 67%.

6年後，該集團同意將部分債務減少67%。

As the debt situation in some countries continued to spiral out of control,

由於一些國家的債務狀況繼續失控。

the Paris Club worked on a program with the IMF and the World Bank to provide further debt relief in 1996.

巴黎俱樂部與國際貨幣基金組織和世界銀行合作制定了一項方案，以進一步減免1996年的債務。

In April 2020, the Paris Club agreed to write-off $1.4 billion owed by war-torn Somalia, making

2020年4月，巴黎俱樂部同意註銷飽受戰爭蹂躪的索馬里所欠的14億美元，使之成為。

the impoverished nation the 37th country to qualify for debt relief under the HIPC initiative.

貧困國家是第37個有資格獲得重債窮國倡議下的債務減免的國家。

The Paris Club faces a challenge to its credibility and power because of China's absence.

由於中國的缺席，巴黎俱樂部的信譽和實力面臨挑戰。

The Asian giant has become a major creditor in the decades since the Paris Club was established,

巴黎俱樂部成立幾十年來，亞洲巨頭已成為主要債權人。

but prefers to deal with its debtors on its terms.

但更願意按照自己的條件與債務人打交道。

China's conditions for lending to developing countries are often opaque,

中國對開發中國家的貸款條件往往是不透明的。

contrasting with the club's principles of transparency.

與俱樂部的透明原則形成鮮明對比。

Beijing has, therefore, shied away from the club, reluctant to reveal the details of its debt agreements with other countries.

是以，北京對俱樂部避而不談，不願透露與其他國家的債務協議細節。

Yet, the continued relevance of the Paris Club, could hinge on China's co-operation.

然而，巴黎俱樂部能否繼續發揮作用，可能取決於中國的合作。

In 2018, 72 low-income countries had debts amounting to $514 billion.

2018年，72個低收入國家的債務總額達5140億美元。

Of this, $104 billion was owed to the Chinese government $106 billion

其中，欠中國政府1040億美金 1060億美金

to the World Bank and $60 billion to private bondholders.

給世界銀行，給私人債券持有人600億美元。

With China's loans accounting for roughly 20% of the total external debt by these developing economies,

中國的貸款約佔這些發展中經濟體外債總額的20%。

it will play a crucial role in any future negotiations on debt restructuring.

它將在今後任何債務重組談判中發揮關鍵作用。

The question of whether China will work alongside the existing members of the Paris Club has never

中國是否會與巴黎俱樂部現有成員並肩作戰，這個問題從來都是

more critical than during the coronavirus pandemic, which has left many indebted countries facing default.

比冠狀病毒大流行期間更為嚴重，這使許多債務國面臨違約。

The size of the looming debt crisis has driven the club to work on a broader scale than its usual case-by-case approach.

迫在眉睫的債務危機的規模促使俱樂部在更大範圍內開展工作，而不是通常的個案方式。

The club, along with the World Bank and the IMF, is working to reduce

俱樂部與世界銀行和國際貨幣基金組織一起，正在努力減少。

the financial burden on 73 low- and middle-income countries.

73個低收入和中等收入國家的財政負擔。

This initiative, known as the Debt Service Suspension Initiative has seen around

這一被稱為 "償債暫停倡議 "的舉措，已見成效。

$12 billion worth of repayments due between May and December 2020 rescheduled to mid-2021.

2020年5月至12月間到期的價值120億美元的還款，改期至2021年中。

For low-income countries seeking debt relief, China's absence from the Paris Club complicates

對於尋求債務減免的低收入國家來說，中國缺席巴黎俱樂部使其複雜化。

debt repayments while undermining the coordinated action needed to recover from the Covid-19 recession.

債務償還，同時破壞了從Covid-19衰退中恢復所需的協調行動。

Whether the Paris Club can find its voice amidst the global debt tsunami

巴黎俱樂部能否在全球債務海嘯中找到自己的聲音？

and the rise of China's economic might will impact the lives of millions in the years to come.

以及中國經濟實力的崛起，將在未來幾年影響千千萬萬人的生活。

Thank you so much for watching our video!

非常感謝您觀看我們的視頻!

if you're on lockdown we first want to know how you're coping

如果你被封鎖，我們首先想知道你是如何應對的。

and secondly your thoughts on the Paris Club, and how it functions

其次是你對巴黎俱樂部的看法，以及它是如何運作的。

Don't forget to subscribe!

不要忘記訂閱!