It just wasn 't as simple as a bunch of outright defaults .

它并不像一批债券直接违约那么简单。

Take intesa sanpaolo in northern italy , which has mortgages with extremely low defaults .

以意大利北部的联合圣保罗银行（IntesaSanpaolo）为例，该行的按揭贷款违约率极低。

Its banks had grown excessively and irresponsibly before getting whacked by serial defaults in greece .

遭遇希腊一系列违约事件重创前，塞浦路斯银行业一直在不负责任地过度增长。

Developing nations have completed orderly defaults before .

发展中国家曾经实现了有序违约。

The price of credit defaults swaps on 5-year jgbs is hitting record highs .

五年期日本政府债券的信用违约掉期价格正在飙升至历史新高。