问题如下：
Rating agencies typically assign two ratings to debt-issuing countries. The first is the local currency debt rating and the second is the foreign currency debt rating. Historically, defaults have been more frequent on foreign-currency-denominated debt than on local-currency-denominated debt. What is the main reason behind this difference?
选项： This
is a statistical anomaly, as the default rate theoretically should be the same
in both cases.
Foreign-currency-denominated debt is usually less collateralized than local-currency-denominated debt.
C.Local-currency-denominated debt obligations could be met through monetary expansion.
D.In distressed situations, governments tend to default on their foreign- currency-denominated debt first for political reasons.
解释：
ANSWER: C
The higher default rate on foreign-currency-denominated debt is consistent with the observation that credit ratings are lower. So, this is not a statistical anomaly (statement A). The main reason is that governments could force the central bank to print more money, creating inflation that reduces the real value of local currencies. This option is not possible with foreign-currency-denominated debt.
本题不是很明白C选项，请老师解答。
