中国是美国的最大债权国。

CHINA is America's largest creditor.

这意味着一些痛苦将会转嫁给债权国来承担。

That means that some pain will have to be inflicted on bondholders.

但如果所有的债权国被迫同意掉期，那就可能算是信用事件了。

But a credit event probably would occur if all bondholders were forced into the switch.

敦促欧洲央行成为像意大利等不堪一击的主权国家的最后一根救命稻草的债权国？

Urge the European Central Bank (ECB) to be lender of last resort to vulnerable sovereigns like Italy?

如果你是世界上最大的债权国，就会出现这种情况：你可以给出这样的暗示，如果这些暗示被泄露出去，它们本身就足以制造国际经济混乱。

That's what happens when you're the world's biggest creditor: you get to drop hints like that, which would be enough by themselves to create international economic chaos if they were ever leaked.