But if the other side of the swap is taken by a hedge fund whose finances are dependent on loans from that same bank, has risk really been transferred?
但如果公司利用对冲基金交换，而对冲基金依靠的正是该银行的贷款，那最终承受风险的还是银行。
2
The next shock could be the failure of a hedge fund with a big swap book, given the spike in redemptions and margin calls many funds face, thinks Pierre Pourquery of the Boston Consulting Group.
波士顿咨询集团的Pierre Pour query认为，考虑到基金面对上升的赎回率和保证金要求，下一波冲击的受害者可能来自持有大量掉期合约的对冲基金倒闭。
3
They wrote that policymakers, using an expanded European bailout fund, could end the Greek panic by offering to swap existing Greek bonds for newly issued bailout-fund debt at a steep discount.