译者 frmann
Eurozone bailout fund falls short of €1 trillion target
欧元区救助基金未能达成一万亿欧元目标
Attempts to boost EFSF five-fold scuppered by high bond yields and disappointing interest from China and other cash-rich Asian governments
高企的国债收益率和现金充裕的亚洲政府的不合作让增资欧洲金融稳定基金至五倍的计划流产
Ian Traynor in Brussels
伊恩·屈讷于布鲁塞尔
guardian.co.uk, Monday 28 November 2011 20.15 GMT
卫报，2011年11月28日星期一，格林尼治时间2015
Europe's hopes of ringfencing the embattled single currency through a €1 trillion-plus leveraged bailout fund are sinking due to spiralling bond yields, investor flight from eurozone debt, and failure to entice cash-rich governments in the far east to commit to the plan.
国债收益率攀升，投资者抛售欧元区各国国债，劝说远东现金充裕的政府投资未果，如此种种让将欧洲金融稳定基金扩充到超过一万亿欧元以以保卫欧元、拯救欧洲的希望渐渐幻灭。
Klaus Regling, the head of the European Financial Stability Facility (EFSF), is expected to tell eurozone finance ministers meeting in Brussels on Tuesday evening that the scheme to quintuple the firepower of the fund by underwriting initial losses on eurozone bond-buying by China and sovereign wealth funds in the far and Middle East has failed to attract enough interest.
欧洲金融稳定基金总裁克劳斯·雷格林将于周二晚间欧元区财政部长们在布鲁塞尔的会议上讲话，他很可能告诉大家寻求中国以及其它远东和中东国家主权财富基金投入以填补前期国债收购亏空、将他的基金扩充到原来规模五倍的计划未能引起对方兴趣。
The blow to eurozone efforts to save the currency came amid increasingly apocalyptic predictions of a euro collapse. The Organisation for Economic Co-operation and Development in Paris forecast a "deep depression" across Europe and a tidal wave of bankruptcies if any of the 17 countries was forced to quit the euro. The Polish foreign minister, Radoslaw Sikorski, urged Germany to save the EU from "a crisis of apocalyptic proportions".
和这个噩耗一起来袭的还有甚嚣尘上的欧元崩溃的末日预言。经济合作与发展组织在巴黎预测欧洲会陷入“深度衰退”，以及如果任何一个欧元区国家退出，将引发破产的浪潮。波兰外交部长拉多斯劳·西科尔斯基敦促德国“拯欧盟于分崩离析之际”。
The Moody's ratings agency predicted that a euro exit by any country would trigger a cascade of sovereign defaults across the eurozone. Jean Pisani-Ferry, director of the influential Bruegel thinktank in Brussels, said that "real businesses" as well as the financial markets were now "pricing in a break-up scenario … If disaster expectations build up and a growing number of players start positioning themselves to protect themselves from it, the consequences could become overwhelming."
评级机构穆迪公司预言，任何国家退出欧元区都将产生欧元区国家连锁的主权违约。比利时的知名智库布鲁格尔主任让·皮萨尼-费里称“实体经济”和金融市场都已经成为“分手的代价……如果灾难预期继续增长，越来越多的人会选择置身事外，那一切就难以挽回了。”
The ambitious if controversial plan to leverage the eurozone's bailout fund, hatched at a summit last month, foresaw the €250bn (£215bn) currently available morphing into a war chest four or five times that size. But officials in Brussels complained on Monday that international commitments to take part in the scheme were disappointing and that the eurozone could hope for little more than doubling the fund's firepower.
在10月的一次峰会上，各方同意把目前只有2500亿欧元资金的欧元区救助基金扩充到原来的四五倍。但周一布鲁塞尔的官员抱怨说国际社会对这个计划的态度令人失望，欧元区只能看到基金扩容到原来的两倍。
Expectations placed in the scheme are being scaled back before it has even got off the ground. Since the plan was unveiled, the Spanish and Italian governments have fallen while both countries' borrowing costs have soared past the 7% level seen as being unsustainable, exposing the bailout fund's inadequacy.
扩容方案还没开始的时候其实就已经起不了太大作用了。该方案刚面世的时候，西班牙和意大利融资成本就飙升到7%的不可持续的水平，导致两国政府垮台的同时也把救助基金捅了一个大窟窿。
Borrowing costs on Belgian and Italian benchmark 10-year government bonds eased after both countries saw demand outstrip supply in debt auctions. Although the countries were forced to pay a higher yield, or interest rate, on the bonds, it appeared there was still appetite in the markets on a strong day for stocks. The FTSE 100 in London ended up 148 points, or 2.87%, while the Dow Jones industrial average was up more than 300 points at lunchtime in New York.
由于需求转旺，比利时和意大利10年期政府债券利率都有所降低。随让它们都不得不支付高昂的利息，不过在股市回暖的时候国债也算有人问津了。伦敦富时100指数升148点，2.87%，道琼斯工业指数到纽约午饭时间已经涨了超过三百点（16：30跌回一些，不过还有291点）。
Given the eurozone's persistent inability to marshal the resources to shore up the currency, officials in the key creditor countries such as Germany, the Netherlands, and Finland, are talking of a bigger role in the sovereign debt crisis for the International Monetary Fund. But weekend reports that the new government in Rome had turned to the IMF for a bailout of up to €600bn were dismissed in Washington and Brussels. A consensus is needed among the 17 governments in the eurozone for one of them to turn to the IMF. The new Italian prime minister, Mario Monti, is expected to submit details of a fresh austerity package to the eurogroup meeting. Ahead of another crunch summit of EU leaders in Brussels next week, eurogroup meeting is followed on Wednesday by a session of all 27 EU finance ministers.
考虑到欧元区已经无力支撑单一货币，区内的德国、荷兰和芬兰等主要债权国讨论让国际货币基金在主权债务危机中发挥更大作用。不过，周末称意大利向国际货币基金申请6000亿欧元救助的报道已经为华盛顿和布鲁塞尔所否认。只有欧元区17国达成共识，成员国才可以向国际货币基金求助。意大利信任总理马里奥·蒙蒂将在欧元区会议上披露新的紧缩方案的细节。在欧元区会议后本周三将举行全部欧盟27国财政部长参加的会议，下周还会在布鲁塞尔举行关于危机的欧盟峰会。
Despite the unremitting sense of siege in what has ballooned into a crisis gnawing away at the very foundations of the EU, the big decisions on Greece and the bailout fund agreed at summits in July and October have still not been implemented.
尽管各方早就认识到这次危机正在侵蚀欧盟的根基，在7月和10月峰会上作出的关于希腊和救助基金的决议还没有投入实施。
Germany is playing a risky long game, eschewing spectacular short-term fixes to the debt and deficit dilemmas which have shifted from small peripheral economies to hit Italy and Spain – and threaten Belgium and France.
德国在进行一次大冒险，它不愿意在外围小国陷入债务和赤字时出手相救，让西班牙和意大利相继沦陷，比利时和法国不知能否幸免。
Amid ongoing arguments over whether the eurozone should pool its debt and issue "eurobonds", and whether the European Central Bank should turn into a clone of the Federal Reserve as the eurozone's last resort lender, Berlin and Brussels pooh-poohed German newspaper reports that France and Germany were plotting new "elite bonds" issued jointly by the eurozone's six AAA-rated countries – Germany, France, The Netherlands, Austria, Finland, and Luxembourg. Although the cheap borrowing could be used to salvage the eurozone laggards, European commission officials said such a move would be deeply divisive and counter-productive, splitting the eurozone and possibly hastening the end of the single currency.
关于是否应当发行各国分担债务责任的“欧元债券”，是否应当让欧洲央行像美联储那样成为最后放款人的问题一直有激烈的争论。柏林和布鲁塞尔对这两个想法一直嗤之以鼻的报纸报道称法国和德国有了一个“精英债券”的新计划：由欧元区的六个AAA信用评级的国家——德国，法国，荷兰，奥地利，芬兰和卢森堡联合发行债券。欧盟委员会官员称，虽然这样做可以降低举债成本，帮助落后国家，但它必将产生深刻的分歧，在欧元区制造裂痕，可能加速单一货币的解体，这一切都不是各方所乐见的。
from 译言-每日精品译文推荐 http://article.yeeyan.org/view/235852/235953
