creditor country

Germany, as creditor country, opposes a "transfer union" and insists that fiscal discipline is everything.

作为债权国，德国反对组建“转移支付联盟”（transfer union），并坚持表示，财政纪律至高无上。

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The creditor country, in whose hands power in a crisis lies, is saying "Nein" at least seven times.

这个手握大权、左右危机走向的债权国，至少连说了7次“不”。

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An overvalued dollar in the early years of the Reagan administration exacerbated a trade imbalance with an instinctively protectionist Japan, now the world's biggest creditor country.

在里根（Reagan）政府的初期，美元估值过高，这加剧了美国和日本之间的贸易失衡。当时，日本本质上是一个崇尚贸易保护主义的国家，而目前是全球最大的债权国。

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This would then impose large losses on creditor country central banks, which national taxpayers would have to make good.

这进而会给债权国央行带来巨额亏损，各国纳税人将不得不弥补这些损失。

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But Japan is a creditor country whose savers have complete confidence in the solvency of their government.

但日本是一个债权国，其储户完全相信政府的偿付能力。

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It is no accident either that Hong Kong, not Tokyo, is generally viewed as the leading international financial centre in Asia, even though Japan is the world's biggest creditor country.

同样绝非偶然的是，尽管日本是全球最大的债权国，但通常被视为亚洲头号国际金融中心的却是香港，而不是东京。

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For the Chinese the value of their dollar investments is questionable and the leverage of the creditor country cannot be used without doing serious damage to itself.

就中国而言，他们美元投资的价值已存有疑问；此外，这个债权国无法在不对自身造成严重伤害的情况下动用杠杆。

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