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De - leveraging is a painful process: it has barely begun.
去杠杆化是个痛苦的过程: 它才刚刚开始.
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A slow and difficult recovery , dominated by de - leveraging and deflationary risks, is the most likely prospect.
最可能出现的情况是, 经济在去杠杆化和通缩风险的主导下,经历一场缓慢而艰难的复苏.
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