单词 | EFSF | ||||||||||||||||
释义 | EFSF
更多释义 收起释义 例句释义: 欧洲金融稳定机制,欧洲金融稳定机构 1. As a bank, the European financial stability facility would be able to access ECB liquidity in a refinancing crisis. 作为一家银行,欧洲金融稳定安排(EFSF)能够在一场再融资危机中使用欧洲央行的流动性。 www.ftchinese.com 2. It would also have been a good idea to fold the EFSF into the new mechanism right from the beginning, rather than letting them coexist. 此外,一开始就把EFSF整合进新机制、而不是让它们共存也是一个不错的主意。 www.ftchinese.com 3. EU finance ministers last week were unable to agree on how, or by how much, to increase the EFSF's resources. 上周,欧盟财长们未能就如何或提高多少EFSF财力达成一致。 www.bing.com 4. In any case, Mrs Merkel has made it clear that she has no intention of linking the EFSF to a vote of confidence. 不管怎么样,默克尔很清楚地指出她不会把这次EFSF投票和执政信任投票联系起来。 www.ecocn.org 5. Germany wants the market to help fund the bailout with the EFSF acting as a backstop to any further bank runs. 德国则希望市场能够提供帮助,而仅仅只是把EFSF作为一旦出现银行挤兑时的后备力量。 www.fortunechina.com 6. After the last summit the financial markets' enthusiasm over the ludicrous idea of a leveraged EFSF evaporated after less than 48 hours. 上一轮峰会结束之后不到48小时,金融市场对杠杆化EFSF这一荒谬设想的热情就消失得无影无踪。 www.ftchinese.com 7. In July leaders agreed to let the main bail-out fund, known as the EFSF, recapitalise banks and buy bonds. 在七月领导人同意让主要纾困资金,称为欧洲金融稳定基金,EFSF,包括购买银行和债券。 bbs.m4.cn 8. They would have to reorient their thinking if the EFSF were to be used to guarantee the banking system. 如果要用EFSF为银行体系提供担保,他们必须转变思路。 www.ftchinese.com 9. The new EFSF rules will only make sense if the rescue mechanisms are allowed to develop into a European debt agency. 只有允许EFSF这个纾困机制发展成为一个欧洲债务机构,EFSF的新规则才有意义。 www.ftchinese.com 10. "Neither the ECB nor the EFSF (European financial stabilization facility) would buy any more bonds in the market, " he said. “欧洲银行和欧洲金融稳定安排(EFSF)都不会再从市场上购买国债”。 www.bing.com 1. Private banking sources said the new bonds could be guaranteed by the euro zone's rescue fund (EFSF) or the European Investment Bank. 民间银行消息人士表示,新债可能是以欧元区的纾困基金(EFSF)或欧洲投资银行来提供担保。 cn.reuters.com 2. In fact, if it's a reallocation away from the peripheral bond markets to the EFSF bonds, then it could prove to be euro negative. 法国巴黎银行汇市策略师MaryNicola表示,“实际上,如果是从外围公债市场转投EFSF债券,则可能对欧元不利。” cn.reuters.com 3. Chinese officials can be expected to ask smart questions about the souped-up bail-out fund, the European financial stability facility. 预计中国官员将就火力已得到加强的纾困基金——欧洲金融稳定安排(EFSF)——提出尖锐的问题。 www.ftchinese.com 4. Even a fully operational, leveraged EFSF would not be in a position to give a "whatever it takes" bond purchasing guarantee. 即便欧洲金融稳定安排具有充分的可操作性、且杠杆化程度足够高,也难以“不惜一切代价”为债券购买提供担保。 www.ftchinese.com 5. The EFSF and its successor, the European Stability Mechanism, have been set up to handle small countries. EFSF及后续的欧洲稳定机制(ESM),是为解决小国的危机而建立的。 www.ftchinese.com 6. But once they make such a declaration, there should be no obstacle to endowing the EFSF with a banking licence. 但一旦他们发布了这样的声明,为EFSF发放银行许可将不存在障碍。 www.ftchinese.com 7. Regling, chief executive of the EFSF, said the fund could sell bonds in yuan in future if Beijing so desired. 欧洲稳定基金会首席执行官,雷格林表示,如果将来北京方面有意愿的话,基金会会考虑以人民币为货币单位出售债券。 www.yayan123.com 8. Technically, the EFSF monoline insurer would provide a first-loss tranche insurance for government bonds up to an agreed percentage. 从技术角度讲,EFSF作为单一险种保险人,能够在协议比例的范围内,为政府债券提供一种最初亏损额度保险。 hi.baidu.com 9. In a test vote of CDU and CSU deputies yesterday, 11 opposed expanding the EFSF and two abstained (another dissident did not show up). 在昨天CDU和CSU的代表模拟投票中,有11人反对扩展EFSF,两人弃权(还有一位反对者没有出席)。 www.ecocn.org 10. The facility's resources would be magnified, private investors would be drawn in and the price of bonds would still be set by the market. 欧洲金融稳定机构(EFSF)的资源将扩大,私人投资者将被引诱进行投资,而且债券价格仍然由市场决定。 www.ecocn.org 1. He may be hoping that the SMP is just a bridge until the EFSF obtains the agreed authorisations from national governments to buy bonds. 他也许希望,SMP只是一个过渡手段,最终目标是让EFSF获得各国政府对国债购买行动的一致授权。 www.ftchinese.com 2. China has bought bonds issued by the European Financial Stability Fund but has not agreed to wider intervention to help the eurozone. 中国已购买欧洲金融稳定安排(EFSF)发行的债券,但尚未同意扩大介入范围以援助欧元区。 www.ftchinese.com 3. But Chancellor Angela Merkel has been fighting for weeks to quell a rebellion by some of her backbenchers against the EFSF expansion. 但德国总理默克尔(AngelaMerkel)几周来一直在力图平息部分后座议员对扩大EFSF规模的反对。 chinese.wsj.com 4. Officials also say the ESM would be a much more robust structure, with a governing board and paid-in capital, than the EFSF. 欧盟官员还称,ESM这一架构远比ESEF更为坚固。ESM将成立一个理事会,并且拥有实收资本。 chinese.wsj.com 5. The alternative to a bigger EFSF would be the issuance of Eurobonds that are jointly and severally underwritten by euro-zone members. 替代大EFSF的做法就是发行欧洲债券,欧元区成员国可以联合认购,也可个别认购。 www.ecocn.org 6. China would be happy to invest in EFSF bonds in a measured way, as it has already done. 正如中国已经做过的那样,中国将乐于以一种有分寸的方式投资于EFSF债券。 www.ftchinese.com 7. The idea is to turn the EFSF into a monoline insurer for sovereign bonds. 其想法是,把EFSF变成主权债券的单一险种保险人。 www.letou.cn 8. The typical situation where an EFSF loan would be useful would be a case of egregious market failure. 通常只有当发生异乎寻常的市场崩盘时,EFSF贷款才能够派上用场。 www.ftchinese.com 9. 'I am not here to discuss concessions, ' he said, noting that China already buys EFSF bonds and gets no special considerations. 他说,我到这里不是来谈让步的。他提到,中国已经在购买EFSF债券,并没有得到欧洲的特别对待。 chinese.wsj.com 10. If it is, then the EFSF or even the ECB may buy as many bonds as it takes to stabilise market interest rates. 如果确实可信,那么EFSF乃至欧洲央行就可以尽可能多地购买债券,以稳定市场利率。 www.ftchinese.com 1. The new vehicle would be capitalised by a first-loss layer from the EFSF, and then a second layer of the IMF's own capital. 新工具将由EFSF提供“最初亏损保险”,随后将是由IMF自己的资本提供“第二层保险”。 www.ftchinese.com 2. How to expand the EFSF again is at the heart of the troubles vexing European leaders. 如何实现EFSF再次扩容是最让欧洲领导人头疼的事情。 www.fortunechina.com 3. Klaus Regling, the EFSF's head, is wrong to say that market volatility has made it impossible to reach the leverage target. EFSF负责人克劳斯?雷格林(KlausRegling)说,市场的剧烈波动使得实现杠杆化目标变为不可能,这是错误的。 www.ftchinese.com 4. This would not constitute an illegal monetisation of debt, as long as the endgame for the EFSF is credible. 只要EFSF的退出机制是可信的,这就不会造成不合法的债务货币化。 www.ftchinese.com 5. Plan C would widen the EFSF umbrella, to make it big enough to shelter Spain and Italy. 而C计划则将把EFSF保护伞规模扩大到足以“遮盖”西班牙和意大利的水平。 www.ftchinese.com 6. That statement will be flung back at her if her "Christian-liberal" coalition does not itself provide enough votes to pass the EFSF bill. 如果这次她的“基督教-自由”联盟不能提供足够的投票通过EFSF法案这句话会被原封不动的还施其身。 bbs.ecocn.org 7. In July, when the EFSF was first proposed, it would have been large enough to take care of Greece, Portugal and Ireland. 7月,EFSF最初被提出来的时候,它的规模本来足够应对希腊、葡萄牙和爱尔兰的危机。 www.ftchinese.com 8. The borrower essentially pays the sum of the EFSF's funding costs, an administration margin and a lending margin. 本质上来说,借款者需要支付EFSF的融资成本、管理费用与一笔贷款利润。 www.ftchinese.com 9. By concentrating on the new issuance and not the existing stock of debt, the EFSF's task would be significantly less daunting. 专注于新债发行而不是存量债务,将极大减轻EFSF的任务负担。 www.ftchinese.com 10. The EFSF would then be able to inject capital into banks and purchase bonds of distressed governments on the open market. 届时,EFSF便能够向银行业注资,并在公开市场上购买身处困境的国家的国债。 www.ftchinese.com 1. I would expect Portugal to be the next country to fall under the umbrella of the EFSF. 我预计葡萄牙将是下一个落入EFSF保护伞下的国家。 www.ftchinese.com 2. An ersatz form of eurozone bond issued by the European Financial Stability Facility already exists. 况且,目前已经存在由欧洲金融稳定安排(EFSF)发行的另一种欧元区债券。 www.ftchinese.com 3. And if the conditions attached to any EFSF deal were too onerous, the Irish might yet be able to play the IMF against Berlin. 而如果欧洲金融稳定安排协议的附加条件过于繁重,爱尔兰或许还可以让IMF与德国政府鹬蚌相争。 www.ftchinese.com 4. When the ECB restarted the programme in August, it made clear it was a stopgap until the EFSF assumed responsibility. 8月欧洲央行重启购买计划时,它明确表示只是个权宜之计,只到欧洲金融稳定基金承担责任时。 www.ecocn.org 5. Most seek to leverage the EFSF by turning it into a bank or an insurance company or by using a special purpose vehicle. 大部分提议谋求杠杆化EFSF,办法是把EFSF变成银行或保险公司,或是设立某种特殊目的载体(SPV)。 www.ftchinese.com 6. Germany on Tuesday declared there were no further expansions planned for the EFSF beyond what was decided in July. 德国周二宣布,不计划在7月份已经确定的EFSF范围之外进一步扩大救助。 chinese.wsj.com 7. I cannot see how the EFSF can offer similarly attractive rates. 我认为,EFSF无法提供同样有吸引力的利率。 www.ftchinese.com 8. It could contribute to the European Financial Stability Facility (EFSF) directly or by providing it with a back-stop on request. 它可以选择直接为欧洲财政稳定机构(EFSF)注资,也可以根据她的请求提供帮助。 bbs.m4.cn 9. EFSF officials decided to price this week because market conditions could deteriorate if they held off any longer. EFSF官员们之所以决定在本周定价,是因为如果他们再不行动,市场状况可能会恶化。 www.ftchinese.com 10. But the EFSF still is not authorized to make any purchases -- the plan must be approved by every euro member's parliament. 但EFSF依然未获得进行交易的授权——购买计划必须获得欧元区所有成员国议会的批准。 www.fortunechina.com 1. But the problem the IMF's managing director did not acknowledge is that the EFSF itself is inadequately capitalised. 但她没有公开承认的一点是,EFSF本身也存在资金不足的问题。 www.ftchinese.com 2. The European Council should by now have doubled or trebled the size of the European financial stability facility, the rescue umbrella. 时至今日,欧洲理事会(EuropeanCouncil)本应已把纾困保护伞——欧洲金融稳定安排(EFSF)——的规模提高了一、两倍。 www.ftchinese.com 3. For the EFSF itself, there is no reason not to approach China as a potential investor. 就EFSF自身而言,没有理由不去接洽中国、将其视为一个潜在投资者。 www.ftchinese.com 4. They originally envisioned the EFSF as a way of guaranteeing government bonds. 他们起初把EFSF当作为政府债券提供担保的工具。 www.ftchinese.com 5. This would involve making permanent the temporary EFSF, while also demanding that bondholders take some of the pain. 这就会涉及到将临时的欧洲金融稳定机构持久化,同时也需要债券持有者承担一定的责任。 www.bing.com 6. This suggests that the G20 expects that the European parliament will pass their individual votes on the EFSF in the next few weeks. 这表明20国集团预计欧洲议会将在未来数周内通过他们就EFSF开展的个人票选。 www.txbcs.cn 7. The EFSF has no capital, only guarantees. EFSF没有任何资本,只有担保。 www.ftchinese.com 8. The European Financial Stability Facility derives its firepower from the guarantees of its shareholders. 欧洲金融稳定安排(EFSF)的“火力”源自其股东国的担保。 www.ftchinese.com 9. So inviting new inflows of Chinese capital for the EFSF is likely to make economic life doubly difficult for the zone's weaker members. 因此,让中国向EFSF注入新资金,可能会让欧元区实力较弱的成员国面临的经济困难加倍。 chinese.wsj.com 10. Since the EFSF is too puny to do the job it has been given, the solution might appear obvious: to bulk it up still further. 相对被赋予的责任而言,EFSF太过渺小,可能会出现的解决方案显然是:进一步扩张EFSF。 xiaozu.renren.com 1. France has already given up on its demand to leverage the EFSF through the ECB due to German and ECB resistance. 由于德国和欧洲央行的反对,法国已经放弃通过欧洲央行利用EFSF的要求。 chinese.wsj.com 2. Only in case of need would the EFSF be involved. This would preserve the firepower of the fund. EFSF只有在必要情况下才进行干预,这将保留该基金的“火力”。 www.ftchinese.com 3. Last month, the EFSF was given similar powers and there is now talk that it could step into the breach. 上个月,EFSF被赋予了类似的权力,现在有传言称它可能会代替IMF来提供这种额度。 www.ftchinese.com 4. At present, the EFSF can only grant credits. Under the new rules, it will be able to act pre-emptively. 目前,EFSF只能发放信贷,而按照新规定,它将能够采取先发制人的行动。 www.ftchinese.com 5. Hopes that the EFSF could be used to facilitate a voluntary reduction in debt, notably Greece's towering 140% of GDP, have dwindled. EFSF曾经所力促的主动削减债务(特别是希腊高筑的占GDP140%的债务)的希望已经很渺茫。 www.ecocn.org 6. The irony is that this risk is made greater by Germany's resistance to more firepower for the European Financial Stability Facility. 具有讽刺意味的是,德国对加强欧洲金融稳定安排(EuropeanFinancialStabilityFacility,简称:EFSF)火力的抵制,令这一风险进一步加大。 www.ftchinese.com 7. The EFSF would take on the main risk of lending to governments struggling to borrow from normal commercial sources - governments like Italy. 在贷款给向意大利政府这样难于从商业渠道获得资金的政府时,EFSF会承担主要风险。 www.bing.com 8. Europe's leaders have tried to solve this problem by creating a surrogate institution, the European financial stability facility. 欧洲领导人试图通过建立替代机构“欧洲金融稳定安排”(EFSF)来解决这个问题。 www.ftchinese.com 9. I would thus assume that the EFSF's funding costs exceed those of the EIB by a good margin. 因此,我猜想EFSF的融资成本要比欧洲投资银行高出很多。 www.ftchinese.com 10. The rescue fund, the European Financial Stability Facility (EFSF), is far too small to be credible. 救援基金名为欧洲金融稳定基金(EFSF),其规模过小,不太可靠。 www.ecocn.org 1. One would involve turning the EFSF into a bank which the ECB would then help to finance. 其中一个渠道将涉及把EFSF转制为一家银行,然后由欧洲央行帮助其融资。 www.ftchinese.com 2. Soon though the euro zone may well have to expand the EFSF and allow it to issue jointly guaranteed "Eurobonds" . 虽然欧元区很快就不得不扩大欧洲金融稳定机制(EFSF)并允许其发行共同有保证的“欧元债券”。 www.bing.com 3. It runs out in that year, but all loan tranches paid until then will continue under the old umbrella. EFSF将在2013年失效,但在此之前的所有贷款份额将在旧机制下继续支付。 www.ftchinese.com 4. Given the state of Greek public finances, this plan must, first of all, review the European financial stability facility. 考虑到希腊公共财政状况,这项计划首先必须对欧洲金融稳定安排(EFSF)加以重新审视。 www.ftchinese.com 5. If it met targets, the EFSF could underwrite a "voluntary" restructuring at, say 50 cents on the euro. 如果它满足了原定目标,EFSF可以承保一个“自愿性”的债券重组,比如说将债务扣减为面值的50%。 www.bing.com 6. Countries guaranteeing the EFSF's funds do not want to increase their burden, not least because some cannot afford to do so. EFSF的资金担保国不希望增加他们的负担,至少是因为他们难承重负。 www.ecocn.org 7. Regling made clear he wanted to determine what it would take for Beijing to put more money in the EFSF. 雷格林十分明确地表示他很想确定什么才能促使中国把更多的钱投入基金会。 www.bing.com 8. Had the vote gone against the EFSF, a financial-market meltdown might well have been the result. 如果这次投票没通过,很有可能结果就是金融市场的崩溃。 www.ecolion.cn 9. Rumours abound of schemes to increase the firepower of the EFSF by expanding its ability to borrow, perhaps from the European Central Bank. 坊间流传着各种关于增加EFSF火力,扩展其权力使它可以从外界,也许是欧洲央行进行借贷之类的流言。 www.ecolion.cn 10. A more modest but effective proposal would be to strengthen the EFSF. 更温和、但同样有效的方案或许是加强EFSF。 www.ftchinese.com 1. A leveraged EFSF is attractive to politicians for the same reason that subprime mortgages once appeared attractive to borrowers. 杠杆化的EFSF之所以对政治家们颇具吸引力,其原因与当初次级抵押贷款对借款人具有吸引力如出一辙。 www.ftchinese.com 2. Any further increase in the EFSF could begin to negatively impact the credit ratings of the core members backing the fund. EFSF任何程度的扩大,首先都会对该基金背后的欧元区核心成员国的信用评级造成负面的影响。 www.fortunechina.com 3. The credit rating of the EFSF, which rests on the six AAA countries, would be at risk. 信用评级建立在6个AAA级国家基础上的欧洲金融稳定机构也会受到威胁。 www.bing.com 4. The ECB would provide leverage, but any initial losses would be borne by the EFSF. ECB将采取手段,但是任何最初的损失由EFSF承担。 www.ecocn.org 5. That in turn would have affect the EFSF's own lending capacity, which equals the share of the triple A-rated countries. 这反过来又会影响EFSF自身的信贷能力——其信贷能力等于AAA评级国家在EFSF中的承诺出资额。 www.ftchinese.com 6. First, the European financial stability facility must rescue the banking system as well as member states. 首先,欧洲金融稳定安排(EFSF)在救助成员国的同时,也必须救助银行体系。 www.ftchinese.com 7. By the time it happens, the European financial stability facility will be empowered to protect European banks directly. 一旦希腊违约,欧洲金融稳定安排(EFSF)将被授权直接保护欧洲各银行。 www.ftchinese.com 8. Unlike an independent central bank, the EFSF can be instructed to lend according to conditions set by citizens' political representatives. 与一个独立的央行不同,EFSF可以根据各国公民的政治代表所设定的条件指导放贷。 www.ftchinese.com 9. s parliament rejected the EFSF enhancements, however; the initial reaction was muted with the EUR weakening only slightly. 昨天,斯洛伐克议会拒绝扩容EFSF,但市场最初的反应较为冷淡,欧元仅略有减弱。 www.zy313.com 10. A leveraged EFSF would have the worst kind of Eurobond: a tranche in a toxic debt security. 杠杆化的EFSF将产生最不可取的欧元债券:一种有毒债务证券。 www.ftchinese.com 1. Ratings downgrades would reduce the EFSF's resources or force it to operate as a less highly rated, and more expensive, borrower. 此外,信用评级下调也将减少EFSF的资金来源,或迫使它作为一个信用等级略低的借款者,以更昂贵的成本借款。 xiaozu.renren.com 2. One option he had mentioned was for the IMF to extend a precautionary credit line to Spain and Italy, also alongside the EFSF. 他曾经提到的一个选项为IMF和EFSF一起扩大对西班牙及意大利的预防性信贷额度。 cn.reuters.com 3. He also added however, that the EFSF is is the embryo of a common treasury. 但他同时指出,欧洲金融稳定基金(EFSF)正是统一财政部的雏形。 cn.wsj.com 4. A ring fenced bond could be held by the existing European financial stability facility. 转化来的债券可以由现有的欧洲金融稳定机构(EFSF)持有。 www.ftchinese.com 5. A senior German government source said Berlin remained resolutely opposed to the ECB backstopping the rescue fund. 德国一位高级政府消息人士透露,柏林仍将坚决反对欧洲央行增援EFSF。 cn.reuters.com 6. The EFSF is a lending vehicle of up to 440 billion euros which is backed by euro zone government guarantees. EFSF贷款基金在获得欧元区政府担保支持下,最大规模可达4,400亿欧元。 cn.reuters.com 7. Nor, in fact, is the European financial stability facility. It, too, was set up to deal with small countries such as Greece and Ireland. 欧洲金融稳定安排(EFSF)实际上也不具备这样的能力,它也是为解决希腊和冰岛这种小国的问题而设立的。 www.ftchinese.com 8. The EFSF would partly guarantee eligible sovereign bonds, or, in other words, insure them against potential haircuts. EFSF应对符合条件的国债进行部分担保,换言之,确保这些国债不会减值。 www.ftchinese.com 9. But the EFSF is backed by guarantees from euro-zone members, so the burden on France and Germany, the two big funders, would rise sharply. 然而,欧洲金融稳定机制是由欧元各国的承诺所支撑的,所以,法国和德国,两大出资人的负担将大大增加。 www.ecocn.org 10. But instead of buying bad mortgages off the books of crippled banks, the EFSF would buy bad sovereign paper. 但是欧洲金融稳定机制买的是不良主权债务,不是问题银行的不良抵押资产。 www.fortunechina.com 1. The European financial stability facility's purpose is to match these asymmetries. 欧洲金融稳定安排(EFSF)的宗旨,就是要对这些不对称进行匹配。 www.ftchinese.com 2. It would require a new intergovernmental agency to enable the EFSF to co-operate with Europe's central bank. 为此需要建立一个新的政府间机构,让它来促成EFSF与欧洲央行的合作。 www.ftchinese.com 3. The 16 other euro-zone countries had already ratified the EFSF deal by the time Slovakia voted. 其余的16个欧元区国家在斯洛伐克投票前就已经批准通过了EFSF。 xiaozu.renren.com 4. And when they designed the European financial stability facility, they created a mechanism suitable only for small countries. 他们设计的欧洲金融稳定安排(EFSF)机制,只适用于小国。 www.ftchinese.com 5. The EFSF will be able to purchase the bonds of rescued governments when they are newly issued. 欧洲金融稳定机构将会购买那些需要援助国家新发行的债券。 www.ecocn.org 6. It should be put beyond doubt that the EFSF may fill the gap if Greece sticks to the programme. 应当明确宣告,只要希腊坚持按照计划操作,EFSF可为其弥补资金缺口。 www.ftchinese.com 7. Since then, contagion has spread to Italy and Spain and the efforts to leverage the EFSF have run into legal and technical difficulties. 从那时候起,危机已蔓延到了意大利和西班牙,试图将EFSF杠杆化的努力遇到了法律和技术上的困难。 www.ftchinese.com 8. Eventually, the markets will have to contend with what happens after the EFSF is tapped out. 最终,市场将不得不考虑EFSF用尽之后将会出现的局面。 www.fortunechina.com 9. Will the new rules for the European financial stability facility make contagion less likely? 关于欧洲金融稳定安排(EFSF)的新规定能否降低危机蔓延的可能性? www.ftchinese.com 10. And policymakers' hopes that the EFSF will be part-funded by private sector investors may prove harder to realise. 政策制定者原本希望私人投资者能够为EFSF提供一部分资金,现在看来,这种希望更加难以实现了。 www.ftchinese.com 1. In any case, the EFSF must be authorised to make secondary-market bond purchases. 无论如何都必须授权EFSF在二级市场上购买债券。 www.ftchinese.com 2. Instead we have the European financial stability facility, a curious off-balance sheet lender of last resort. 然而我们现在只有欧洲金融稳定安排(EFSF),一个奇怪的表外最后贷款人。 www.ftchinese.com 3. Yet German central bank Governor Jens Weidmann expressed reservations about the idea of EFSF leveraging on Saturday. 不过德国央行总裁魏德曼周六表示,对杠杆化EFSF的想法保留意见。 cn.reuters.com 4. (European Financial Stability Facility, EFSF). 和现有欧洲金融稳定基金 chinese.wsj.com 5. The bloc's rescue fund, the European Financial Stability Facility, relies heavily on France for its triple A status. 欧元区纾困基金——欧洲金融稳定安排(EFSF)——在很大程度上有赖于法国保持AAA评级。 www.ftchinese.com 6. What is more, France and the EFSF are like tottering drunks holding one another up. If France is downgraded, the EFSF will be close behind. 另外,法国和EFSF就像是两个互相搀扶蹒跚而行的醉汉,如果法国信誉被降级了,那么EFSF也难独善其身。 www.ecocn.org 7. And because the EFSF bears the first losses, its capital is at greater risk of being wiped out than under a loan programme. 因为EFSF基金将直接承担希腊债务减记的损失,它的资金风险要比普通贷款的大许多倍。 www.bing.com 8. On a side note, should France get downgraded EFSF’ s AAA rating likely to come under pressure. 另外,如果法国被降级,外汇学习,则EFSF的AAA评级很可能会受到压力。 www.zy313.com 9. But under the European plan, the only backstop is the principal in the EFSF. 但在欧洲的计划中,唯一的后盾是EFSF的本金。 www.fortunechina.com 10. The second reason you need a Eurobond is the effective collapse of the silly idea of leveraging the EFSF. 需要欧元债券的第二个原因是,将EFSF杠杆化的愚蠢想法实际上已经流产了。 www.ftchinese.com 1. Once the Eurobonds are in place, EFSF liabilities would simply be transformed into Eurobonds. 欧元债券一经推出,就只需要将EFSF债务转换为欧元债券。 www.ftchinese.com 2. Expanding the EFSF to 1 trillion euros is central to the euro zone's latest anti-crisis plan, put together at a summit last week. 上周,欧共体达成一致就欧洲金融稳定机制(EFSF)规模扩大至约1万亿欧元是欧元区最近缓解欧债危机计划的核心任务。 dongxi.net 3. An enlargement would have been necessary for the new-found flexibility to have any practical use. 要想让EFSF新获得的灵活性发挥任何实际的作用,就需要提高其贷款上限。 www.ftchinese.com 4. To obtain the rating, the EFSF had to agree to an over-collateralisation. 为了获得这种评级,EFSF被迫同意提供超额抵押。 www.ftchinese.com 5. If the EFSF stays small, the ECB will be forced to backstop the Italian and Spanish debt markets indefinitely. 如果EFSF维持目前的规模,欧洲央行将不得不无限期地支撑意大利和西班牙债务市场。 www.fortunechina.com 6. The EFSF would have enough money left to guarantee and recapitalise the European banks. 这样EFSF将有足够的钱用于担保和让欧洲银行资本重组。 www.bing.com 7. It also requires strong conditionality to accompany direct EFSF loans to member nations. 还必须加强EFSF向成员国提供直接贷款的附加约束条件。 www.ftchinese.com 8. Early next year it will vote on the permanent successor to the EFSF, the European Stability Mechanism (ESM). 明年年头它也将就EFSF的永久后继措施,欧洲稳定机制(ESM)再次投票。 www.ecolion.cn 9. The EFSF also remains constricted by its own operating rules. 此外,EFSF仍然受到其自身运行机制的掣肘。 www.ftchinese.com 10. 'There are hardly any countries that have said already they will cooperate with the EFSF, ' German Chancellor Angela Merkel said. 德国总理默克尔(AngelaMerkel)说,几乎没有国家已经表示会与EFSF合作。 cn.wsj.com 1. Slovakia is the last country in the 17-member currency zone left to approve the revamped EFSF. 斯洛伐克是欧元区17个成员国中最后一个未批准该计划的国家。 cn.reuters.com 2. Still, experts said it's not a given that China(or other sovereign wealth funds) will make a big bet on the EFSF. 不过,专家说,中国(或其他主权财富基金)是否将对EFSF下大注,还未可知。 bbs.m4.cn 3. The EFSF must reinvest the buffer in the best triple A rated securities in the market. EFSF必须将缓冲资金投资于市场上质量最佳的AAA证券。 www.ftchinese.com 4. The worry is that the EFSF may not now be able to raise enough money to stop the rot. 目前的担忧在于,EFSF现在可能无法筹集足够资金以遏止颓势。 www.ftchinese.com 5. One widely discussed option is for the EFSF to guarantee the first 20% loss on any new bonds issued by countries under pressure. 其中一个讨论得最多的方案是由EFSF来担保,承担起处于所有危机国家新发行的债券20%的损失。 www.bing.com 6. To cope with any crisis beyond Portugal, the EU may need to increase both the size and remit of the EFSF. 要对付葡萄牙以外地区的危机,欧盟可能需要扩大EFSF的规模和权限。 www.ftchinese.com 7. We are not yet in a position where it would make sense for any country, not even Ireland or Portugal, to borrow from the EFSF. 从目前的情形来看,没有任何一个国家有理由向EFSF贷款,哪怕是爱尔兰或葡萄牙。 www.ftchinese.com 8. The EFSF would be used primarily to guarantee and recapitalise banks. EFSF将主要用来为银行提供担保并对其进行资本重组。 www.ftchinese.com 9. Asked about the chances of boosting the EFSF's size, the source said: "It depends on what the alternative is. " 当被问及扩充EFSF经费的机率有多大时,其表示,“这要取决于可选的替代方案是什麽。” cn.reuters.com 10. As each country must approve changes to the EFSF and Germany's approval has been the most difficult to get, German opinions are critical. 由于每个国家都必须批准更改EFSF且想要得到德国的批准是最困难的,而德国的意见是至关重要的。 www.blancpartners.com 1. The EFSF last week obtained a triple A rating, which will help it raise cash in the bond markets at good rates. 上周,EFSF获得了AAA信用评级,这有助于其在债券市场以优惠利率筹集资金。 www.ftchinese.com 2. In the short term, the 440 billion euros in the EFSF appears adequate to recapitalize the banks and fund fiscal gaps in Greece and Portugal. 短期内,EFSF的4,400亿欧元看来足以应付银行业的注资需求,并填补希腊和葡萄牙的财政缺口。 www.fortunechina.com 3. But just imagine if one of EFSF's debtors defaults. 但是,设想一下EFSF的一个债务国出现违约的情形。 www.ftchinese.com 4. The EFSF held a call with investors Wednesday morning to give an update on the planned 10-year bond, which it announced Monday. EFSF周三上午与投资者举行了电话会议,向投资者通报这笔计划发行的10年期债券的最新情况。EFSF周一宣布将发行这笔债券。 chinese.wsj.com 5. EU governments are too enamoured of offering guarantees to the banking sector instead of cash, which the EFSF could provide. 欧盟各国政府太醉心于向银行业提供担保而不是现金,其实这种担保可由EFSF提供。 www.ftchinese.com 6. China will, rightly, only invest in the EFSF as a lever on other issues. 中国不过是把对EFSF的出资作为在其它问题上讨价还价的手段,这也是说得过去的。 cn.wsj.com 7. Some propose bringing the EFSF and the European Central Bank together, to leverage the EFSF's funds. 一些人提议将EFSF和欧洲央行(ECB)合并,从而发挥EFSF资金的杠杆作用。 www.ftchinese.com 8. The EFSF will now be able to use 440 billion ($612 billion) to guarantee about 1 trillion of bonds. 目前,EFSF将可利用4,400亿欧元(合6,120亿美元)为约1万亿欧元的债券担保。 cn.wsj.com 9. Moreover, the higher coupon ESDRA receives from the Greek government from year 6 would more than pay for the EFSF funds already disbursed. 此外,ESDRA自第6年起便会从希腊政府得到较高的利息收入,要偿还EFSF已经拨付的贷款可谓绰绰有余。 www.ftchinese.com 10. "I don't think we should assume that option of the EFSF as a bank is ruled out, " said Alastair Newton, an analyst at Nomura. “我认为我们不应排除EFSF改组为银行的选项。”野村分析师AlastairNewton称。 cn.reuters.com 1. First, it is not clear yet precisely how the EFSF will be leveraged to 1 trillion euros. 首先,前景不明朗,尤其是欧洲稳定基金讲如何利用1万亿欧元。 www.bing.com 2. Leveraging the EFSF would raise the risk to the countries that underwrite it. 将EFSF的资金杠杆化会提升保证其资金的国家的风险。 www.ecocn.org 3. European policymakers insisted it should have a gold-plated AAA credit rating, lowering its costs but limiting its capacity. 欧洲政策的制定者坚持认为EFSF应该被定为AAA信誉等级,降低其开支但却限制了其能力。 www.ecocn.org 4. Furthermore, Germany doesn't seem too keen on expanding the size of the EFSF. 此外,德国对于扩大EFSF的规模似乎兴致不高。 www.fortunechina.com 5. France wanted to draw on the EFSF, both to present the problem as European and to share the cost with Germany. 法国希望能借助EFSF将该问题变成欧洲性的并让德国共同承担这一损失。 xiaozu.renren.com 6. In the new year, it will vote on the European stability mechanism, the successor to the EFSF. 明年,它将就取代EFSF的欧洲稳定机制(ESM)进行表决。 www.ftchinese.com 7. In return for being rid of its thankless bond-buying programme it can offer to repo any EFSF bond at par, securing a liquid market. 它可以答应按面值回购任何EFSF债券,确保EFSF债券市场的流动性——如此一来它就能从吃力不讨好的国债购买计划中解脱出来,这也算是个回报吧。 www.ftchinese.com 8. Will she not soften her tone once the Bundestag agreed the changes to the EFSF? 一旦德国联邦议院批准调整EFSF,默克尔不会软化自己的立场吗? www.ftchinese.com 9. The market is rallying on the story that China will buy bonds issued by the EFSF. 受中国将买EFSF所发债券的报道影响,市场正在反弹。 www.cn.wsj.com 10. The fund must also decide how to design the bond insurance scheme without playing into the hands of speculators. EFSF还须决定如何设计债券保险方案,以避免被投机客操纵利用。 cn.reuters.com 1. This matters: a downgrade of France could fatally damage the EFSF. 这很重要,法国信誉的降级将会给EFSF以致命打击。 www.ecocn.org 2. China has invested in EFSF bonds issued to bail out Ireland and Portugal. 中国已经投资于EFSF发行的旨在纾困爱尔兰和葡萄牙的债券。 www.ftchinese.com 3. But to do that effectively, the EFSF will need to increase the amount of money it can spend in the fund. 但为了保证效率,EFSF需要增加可用于该基金的资金数量。 www.fortunechina.com 4. Japan, and to a lesser extent China, have alsoalready invested in the EFSF. 日本和相比较而言投资较少的中国,已经在EFSF投资了。 bbs.m4.cn 5. The EFSF would have enough money to guarantee and recapitalise the European banks. EFSF要有充足的资金为欧洲银行提供担保和进行资本重组。 www.ftchinese.com 6. The first step was taken by authorising the European financial stability facility to rescue banks. 授权欧洲金融稳定安排(EFSF)对问题银行实施救助,是第一步。 www.ftchinese.com 7. Enter Italy and the coverage ratio of EFSF funds to total debt for those five countries declines to about 10 per cent. 再计入意大利的话,EFSF资金与这五国总债务的比率将下降至大约10%。 www.ftchinese.com 8. The bonds will be extended by 30 years, and their nominal value will be guaranteed by the EFSF. 部分希腊债券将展期30年,其票面价值将得到EFSF的担保。 www.ftchinese.com 9. Japan has been buying EFSF since they were first issued. 日本自从EFSF开始发行债券以来就一直在购买。 chinese.wsj.com 10. I have also heard a proposal to turn it into an insurance company. 我还听说,有人建议把EFSF打造为一家保险公司。 www.ftchinese.com 1. The idea of providing the EFSF with more flexibility is good. 给予EFSF更大的灵活性,这种想法是好的。 www.ftchinese.com 2. That is currently not possible because the EFSF is not allowed to purchase bonds in secondary markets. 这在目前并不可行,因为EFSF不能在二级市场购买债券。 www.ftchinese.com 3. The 16 other euro-zone countries hadalready ratified the EFSF deal by the time Slovakia voted. 斯洛伐克投票时,欧元区其他16个国家已经批准了稳定议案。 club.topsage.com 4. Government should make haste to enhance the EFSF. 政府应尽快增强EFSF的实力。 www.ftchinese.com 5. If the borrower is insolvent, the EFSF cannot help. 如果借款者只是出现偿付危机,EFSF帮不上忙。 www.ftchinese.com 6. Euro-zone policy makers have already given up hope of using the EFSF directly to lend to Italy. 对于利用EFSF直接贷款给意大利,欧元区政策制定者早已不抱希望。 chinese.wsj.com 7. On Wednesday, however, 103 Finnish lawmakers voted to approve the EFSF expansion, while only 66 voted against. 不过在周三,103名芬兰议员投票同意扩大EFSF规模,只有66名议员投了反对票。 chinese.wsj.com 8. The EFSF's credit has equal status to privately held bonds. EFSF贷款的地位相当于私人持有的债券。 www.ftchinese.com 9. The EFSF could guarantee to buy, at a floor price, short-term bonds from programme countries. EFSF可以保证按底线价格从该计划涵盖的国家购买短期债券。 www.ftchinese.com 10. The EFSF will expire in 2013, at which point a new, tougher crisis regime will kick in. EFSF将于2013年到期,届时将启动一种新的、更为严厉的危机应对机制。 www.ftchinese.com 1. Together, these schemes are supposed to extend the value of the EFSF to EURO1 trillion ($1. 4 trillion) or more. 据说这些方案加起来会把欧洲金融稳定基金的价值扩大至1万亿欧元(1.4万亿美元)甚至更多。 club.topsage.com 2. That is why the immediate focus of debate is on how to gear up the EFSF so that even with its limited resources it could do more. 这就是为什么当前争论的焦点是如何改善EFSF,使其在有限资源下,发挥更大的作用。 xiaozu.renren.com 3. It will be replaced in 2013 by a 500-billion-euro permanent European Stability Mechanism. EFSF最大资金规模为4,400亿欧元.5,000亿欧元的永久性ESM将于2013年取代EFSF。 cn.reuters.com 4. That is why the Germans resist the French idea of central-bank financing of the EFSF. 这就是为什么德国反对法国提出的办法,即中央银行为欧洲金融市场稳定基金进行融资。 www.ecocn.org 5. This is planned to replace the EFSF fund in July 2013 and would provide a legal framework for handling government bankruptcies. ESM是为了在2013年7月取代EFSF,将为处理政府破产提供一个法律框架。 chinese.wsj.com 6. Either way, the EFSF looks doomed. 无论如何,EFSF看起来都注定要遭殃。 www.ftchinese.com 7. Economists Thomas Mayer and Daniel Gros have proposed that it should attain a banking licence so that it can draw funds from the ECB. 经济学家托马斯?迈尔(ThomasMayer)和丹尼尔?格罗斯(DanielGros)建议,应向EFSF颁发银行业执照,这样它就可以从欧洲央行获取资金了。 www.ftchinese.com 8. This must now be made explicit, and backed by a big EFSF expansion. 这一点目前必须向世人明示,并且辅以EFSF的大规模扩充。 www.ftchinese.com 9. The third is what to do with the European financial stability facility. 第三个问题是如何对待欧洲金融稳定安排(EFSF)。 www.ftchinese.com 10. The first is that no country would ever want to borrow from the EFSF, unless it was absolutely unavoidable. 首先,没有一个国家会愿意从EFSF贷款,除非真的别无选择。 www.ftchinese.com 1. How to conjure a bigger EFSF without more taxpayers' money? 如何在不利用纳税人钱财的情况下使得EFSF更加庞大呢? www.ecocn.org 2. Clearly, some EFSF funding must go to recapitalise banks that cannot raise money from the markets. 显然,部分EFSF资金必须用于为无法从市场融资的银行进行资本重组。 www.ftchinese.com 3. The July summit did agree to expand the EFSF's remit so that it can buy government debt in secondary markets. 7月的峰会已经同意扩大EFSF的救济能力,这样EFSF就可以在二手市场购买政府债券了。 www.ecocn.org 4. The more pressing need was to bolster the euro area's main rescue fund, the European Financial Stability Facility (EFSF), set up last year. 更为紧迫的任务是扩大欧元区于去年设立的主要救援基金“欧洲金融稳定基金”。 www.ecocn.org 5. That is why, in practice, the EFSF could probably support Spain or perhaps even Italy, but not both. 这就是为什么EFSF很可能会援助西班牙甚至是意大利,但不会同时援助两者的原因。 www.ecocn.org 6. These are set to remain long after the fiscal chasms are papered over by debt haircuts and the EFSF. 即使欧元区的财政分歧被债务削减和EFSF所遮掩,这些分歧可能会长期存在。 blog.sina.com.cn 7. The third and biggest reason to worry is that the EFSF is too small. 第三也是最大的担忧原因是欧洲金融监管体系规模太小。 www.ecocn.org 8. The EFSF's successor, the European stability mechanism, will scarcely have more funding than the EFSF itself; EFSF的后续安排——欧洲稳定机制(ESM)的资金实力将不会超过EFSF; www.ftchinese.com |
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