Emerging market borrowers would face higher borrowing costs, and underlying vulnerabilities that had been masked by the very favorable external financing environment would be more starkly exposed.

• 新兴市场借贷者将面临到更高的借贷成本，而且被非常有利的外部融资环境所掩盖的潜在各种弱点也将更明显地暴露出来。