译者 sureandok
Recession nears as UK services shrink
英国服务业萎缩，经济衰退近了
• Fall in UK services output bigger than expected
•英国服务业产出降幅超出预期
• Spain and Italy hit by higher borrowing rates
•借款利率上调，令西班牙和意大利受挫
Spain's new government is to approve more austerity measures by the end of the year, Soraya Sáenz de Santamaría, above, announced on 23 December. Photograph: Pedro Armestre/AFP
Soraya Sáenz de Santamaría（上图）于12月23日宣布，西班牙的新政府将在年底前批准更多经济紧缩措施。摄影：Pedro Armestre／法新社
Britain's economy looks on course for a second recession in three years after official figures for October showed the dominant service sector contracted at its fastest pace since the spring.
10月份官方数字显示，英国占主导地位的服务业以春季至今最快的速度萎缩，英国经济似乎已步入三年来第二轮衰退。
A fall of 0.7% in services output, which accounts for about three-quarters of the economy, was larger than many analysts expected and showed the economy had slipped into a lower gear recently.
服务业产出约占经济比重的四分之三。服务业产出本次降幅为0.7%，出乎众多分析师所料，也表明近期经济增长已放缓。
Economists said the sector could contract further next year as the government cuts public-sector services.
经济学家表示，由于政府削减公共服务开支，明年服务业可能会进一步萎缩。
The service sector was the main driver of growth in the third quarter, when the economy expanded by 0.6% on the quarter. If services stagnate or contract over the last quarter of the year, a recession is almost certain. The Office for National Statistics (ONS) said the big drags on services output were telecommunications, computer programming, and financial services excluding insurance and pension funds.
第三季度英国经济增长0.6%，当中以服务业为主要增长点。若服务业在本年最后一季度停止增长或萎缩，则几乎可断定衰退。国家统计局称，严重削弱服务业产出的行业为电信、计算机编程和金融服务（不包括保险和退休基金）。
In the eurozone, Italy's government cleared the final legislative hurdle in its efforts to secure €30bn (£25bn) of cuts and tax rises after the upper house passed the package of austerity measures into law.
欧元区方面，参议院同意为一系列经济紧缩措施立法，为意大利政府竭力削减300亿欧元（250亿英镑）财政开支和增加税收扫除最后一道立法屏障。
But the move failed to persuade investors that Rome's financial difficulties were in the past, and traders increased the cost of Italy's borrowing rates.
但有关举措无法令投资者相信罗马财困已过去，交易商因而增加意大利的借款利率成本。
Yields on the 10-year Italian bond rose eight basis points to breach the all-important 7% mark that investors believe means a country is in effect locked out of debt markets.
意大利十年期债券的收益率上升八个基点，突破了7%大关，而投资者认为，收益率达7%意味着一个国家实际上已脱离债市。
Spain, which has signalled that its banks need a further injection of funds to shore up their fragile finances, also saw its 10-year bond yield, which reflects the real cost of borrowing for governments, increase two basis points to 5.41%.
西班牙已表明需再度向其银行业注入资金，方可维持银行业脆弱的财务状况。该国的十年期债券收益率（反映政府的实际借款成本）上升两个基点至5.41%。
By contrast German and UK bond yields fell, with UK yields tumbling to below 2%.
相反，英德债券的收益率则下降，其中英国债券的收益率骤降至2%以下。
The UK is considered a safe haven largely because it has its own exchange rate and control over its money supply through the Bank of England.
英国向来被视为避难所，主要由于英国对英格兰银行的货币供应设有自身的汇率和管制措施。
The pound has lost about a quarter of its value since the banking crisis, easing the debt burden by the same amount.
银行业危机以来，英镑的价值已下跌约四分之一，但也减轻了等量的债务负担。
The Bank of England has spent £275bn through its policy of quantitative easing (QE) to support bank lending and prevent the economy from contracting.
英格兰银行已通过量化宽松政策投入2,750亿英镑，以支持银行借贷及防止经济萎缩。
The European Central Bank (ECB) has shied away from QE, relying instead on direct loans. Outgoing ECB board member Lorenzo Bini Smaghi said his colleagues could copy the UK and the US Federal Reserve, and use their power to create new money if a deteriorating economy threatens the eurozone with falling prices.
欧洲中央银行回避量化宽松政策，取直接贷款而代之。即将离任的欧洲央行委员会委员斯马吉（Lorenzo Bini Smaghi）表示，若经济状况恶化危及欧元区，且导致股价下跌，他的同僚或会仿效英国和美联储，并运用权力创造新币种。
However, Smaghi, who is leaving office next week, aligned himself with other ECB members who have resisted going beyond their mandate of keeping prices stable.
不过，下周即将离任的斯马吉同意欧洲央行其他委员的看法，即拒绝越权维持股价稳定。
Urgent measures to reduce Spain's bloated deficits will be approved next week, said the deputy prime minister, Soraya Sáenz de Santamaría, after the new government's first cabinet meeting on Friday. Employers and unions have until 7 January to come up with a labour reform agreement to help get the country's near five million jobless back to work.
西班牙新政府于周五举行了首个内阁会议。会后，副首相Soraya Sáenz de Santamaría表示下周将批准多项紧急措施，减少赤字膨胀。雇主和工会需在1月7日前提呈一份劳工改革协议，以帮助该国的接近五百万名待业人员重新就业。
The deterioration in the UK service sector will increase pressure on the chancellor, George Osborne, to drop his austerity programme in favour of a slower schedule of cuts.
英国服务业恶化，财政大臣奥斯本（George Osborne）或会倍感压力，从而放弃支持延缓削减开支的财政紧缩计划。
The Bank of England governor, Mervyn King, is known to be concerned that the UK economy will falter over the coming months. He is worried that major industries are being starved of lending and are losing confidence in the ability of banks to support them through difficult times.
众所周知，英格兰银行行长默文•金（Mervyn King）担忧未来数月內英国经济会增长迟缓。主要工业对借贷如饥似渴，对银行资助这些行业度过困境的能力缺乏信心。这也使默文•金忧心忡忡。
Earlier this month, the Markit/CIPS purchasing managers' index (PMI) showed the service sector picked up slightly in November, defying forecasts that it would continue to slide.
本月早些时候，Markit/CIPS采购经理人指数显示11月服务业股略为上升。但与此相反，市场预测该类股票会继续下跌。
But Markit's chief economist, Chris Williamson, pointed out that government spending, which provided the main boost to services growth in October, was likely to weaken as budget cuts hit.
Markit的首席经济学家克里斯•威廉森（Chris Williamson）指出，政府支出虽为促进10月份服务业增长的主要因素，但可能会因财政预算削减方案生效而减少。
"Worryingly, the government provided the main boost to services growth in October, with output up 2.3% on a year ago and growing at more than double the 1.1% annual expansion seen for the sector as a whole," he said. "Government spend should weaken in coming months as budget cuts hit, taking this prop away from the economy.
他表示：“10月份政府焦虑地大力推动服务业增长，产出同比增加2.3%，增速为整个行业年度增速1.1%的两倍以上。由于财政预算削减方案生效，未来数月政府支出料将减少，经济也因而失去支持。”
"The service sector therefore appears to have shifted down a gear since the summer, which is in line with the PMI survey for the sector. The more timely PMI also suggests that growth remained lacklustre at best in November," he said.
“因此，夏季至今服务业似乎已放缓增长。这与服务业的采购经理人指数调查一致。数据较及时的采购经理人指数也显示，服务业在11月条件最佳时依然增长迟缓。”
from 译言-每日精品译文推荐 http://article.yeeyan.org/view/274627/242443