Debt crisis may erupt in the E11 (eleven emerging economies) countries, unless they make urgent de-leveraging efforts, the forum's 2016 report on the development of emerging economies said. 

《博鳌亚洲论坛新兴经济体发展2016年度报告》指出，如不加速去杠杆化，可能会引发“E11”（新兴11国）的债务危机。

Countries deep in debt have to maintain low interest rates in order to keep up with repayment, which further fuels borrowing and lending. Some of them might fall into a vicious cycle of borrowing to return debts when property prices drop or liquidity dries up, it said. 

报告指出，对于个别债务水平较高的新兴经济体来说，需要维持低利率以确保贷款偿还，而这又会进一步扩大信贷。当房地产价格下跌或流动性紧张时，一些经济体可能会陷入“借新还旧”的恶行循环。