EFSF

The way the EFSF is constructed means that its effective lending capacity will thus be reduced.

efsf的结构方式意味着，其有效贷款能力将因此下降。

And because the EFSF bears the first losses, its capital is at greater risk of being wiped out than under a loan programme.

而由于欧洲金融稳定基金将要承担首笔损失，这就使它的资本，相比于作为贷款项目时有更大的丧失风险。

Others have proposed that the EFSF could issue discounted bills.

另一些人建议，efsf可以发行贴现票据。

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。

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。

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。

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”。

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。

In the case of the EFSF, the situation could not be more different.

而efsf的情况则有着天壤之别。

The EFSF has no capital, only guarantees.

EFSF没有任何资本，只有担保。

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。

The ECB would provide leverage, but any initial losses would be borne by the EFSF.

欧洲央行可能会提供杠杆，但任何最初的损失都需要由EFSF来承担。

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。

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。

The EFSF's mandate and size need to be expanded to include bank recapitalization.

然而，目前EFSF的授权和规模都需要扩大，涵盖向银行注资的任务。

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。

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。

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。

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。

The deal announced last week would have the ECB transferring those bond-buying duties to the EFSF.

上周公布救助方案后，欧洲央行购买债券的职责将移交给EFSF。

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。

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。

France wanted to draw on the EFSF, both to present the problem as European and to share the cost with Germany.

法国希望借由欧洲金融稳定基金将之变为欧洲性的问题并让德国共同承担损失。

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。

Neither the ECB nor the EFSF would buy any more bonds in the market.

欧洲央行和EFSF都不会再从市场上购买国债。

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。

The EFSF will extend its loan periods to between 15 and 30 years, and lower its interest rates.

efsf将把贷款期限延长至15至30年，同时降低贷款利率。

Failure to expand the EFSF could raise anxiety levels once again, putting Europe back at square one.

如果EFSF扩容失败，可能将进一步加深市场焦虑情绪，使欧洲重新回到起点。

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。

In present market conditions, a leveraged EFSF is unrealistic.

在当前的市况下，杠杆化的欧洲金融稳定安排是不现实的。