The dreamers are the central bankers, bureaucrats and politicians (not just in Europe) who believe bad debts do not need to be written down.
这一次，做梦的是央行官员、政府官员和政客（不仅是欧洲的政客）。他们认为，坏账不必减记。The banks are left with depreciating assets that have to be funded as they mature, and have no way of creating new ones.
银行只剩下贬值的资产，等这些资产完全变坏后，就拨款填补坏账，而无法创造新的流动性。But with much of it incurred with little regard for how it would be repaid, a sizable chunk is expected to turn sour.
但由于几乎无人关心如何偿还这其中的很多债务，所以预计会有相当大一块债务变成坏账。account created by the debit part of the entry is closed into the Income Summary account in the same manner as any other expense account.
上述分录中借记的坏账损失像其他费用一样结转到收益汇总账户。How much more bad debt is still to emerge?
还会出现多少坏账？However, the shareholders of the banks will not be so pleased if the credit binge ends up in a wave of new bad loans.
但如果信贷热潮以一轮新增坏账告终，银行股东们将不会那么高兴。For the moment, the banks are not complaining: they stand to be compensated for loans that had already gone bad.
目前，银行没有抱怨：它们已经发生的坏账将获得赔偿。American and British banks at least seem to have grasped the main lesson: that it is vital to deal with bad debts fast.
美国和英国的银行至少似乎已经汲取了主要教训：对坏账“快刀斩乱麻”非常重要。The question is how much of the loan books turn sour as economies slow and currencies fall.
问题是，随着各大经济体的经济增速放缓，再加上货币的贬值，在这些贷款账目上的资金中，有多少将会成为坏账。