What was distinctive this time was that the new borrowing was concentrated in housing.
这次的特殊性在于，新的借款都集中在房贷上。The scale of the borrowing inspired "shock and awe" among the creditors, according to a person familiar with the matter.
据知情人士透露，是这么大规模的借款引发了债权人的“震慑行动”。If the borrower defaulted, the Bank would first use up the money paid in by its member countries, then call on them to contribute more.
如借款人资不抵债，银行首先用其成员国缴纳的资金全力给予支持，然后要求其成员国再追加认购股金。But such creditors are just as keen on extracting their pound of flesh (in terms of economic reform) as the private sector.
但是这些债权人也和私营债主一样，要讨回债务，只不过债务内容首先表现为借款国的经济改革。The process takes longer and is often more costly for borrowers with larger loans and less than stellar credit.
那些负债较多且信用状况不佳的借款人，需要很长的申请时间，且常需支付更高的利息才能获得贷款。Some of the costs might be passed on to borrowers in the form of higher interest rates.
各家公司因新监管法规而增加的成本会通过提高利率的方式部分转嫁给借款人。When a medieval moneylender could not pay his debts, his bench was broken in two, sometimes over his head.
当一个中世纪的借款人无法偿还他的债务，他的板凳被砸成两半，有时是在他头上砸的。The key question of course is why did foreign lending to the U. S. pick up so much in the mid-1990s.
当然，关键的问题是：为什么上世纪90年代中期美国从外国借款的数额增长了这么多？The money could then be used to support any other eurozone countries that have difficulty borrowing on world bond markets.
这笔资金此后还可向难以从全球债券市场借款的欧元区其他国家提供支持。