Most crisis-hit emerging economies experienced huge recessions and a tidal wave of insolvencies .

多数遭受危机冲击的新兴经济体都经历了严重的经济衰退和大批的破产浪潮。

Bank insolvencies can be highly contagious and spread throughout the single financial system .

银行破产可能具有高度传染性，并会在整个单一金融体系内部蔓延。

Government insolvencies would now also threaten the solvency of debtor country central banks .

现在，政府破产也会危及债务国央行的偿付能力。

As in europe , the financial system in japan could face a wave of insolvencies , triggering a broader loss of confidence .

在欧洲，金融系统在日本可能面临新一轮的破产，引发了更多人失去了信心。

But there have also been demoralising numbers : unemployment is still rising fast , insolvencies are commonplace .

但另外一些数字却让人心灰意冷，失业率仍然飞快上升，破产随处可见。