That makes it more likely that the price of state support for zombie companies will be that bondholders take write-downs along with shareholders, in order to protect taxpayers and policy holders.
Just like America during its take-off in the late 19th century, emerging economies tend to be subject to economic ups and downs.
正如19世纪晚期美国经济开始腾飞之时那样，新兴经济国家的经济状况不甚稳定，容易出现动荡起伏。
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But at the same time, it would cause several European Banks to take billions of euros in write downs, as they too hold significant amounts of Greek debt.