《经济学家》一篇文章的节选翻译
以下英文是《经济学家》刊登的原文，恳请路过的专家、高人对本人翻译的中文拙作，提出宝贵的批评和指导意见。
Financial contagion
金融危机的蔓延
Fear of fear itself
令人恐惧的是恐惧本身
Is this Europe’s Lehman moment?
这是欧洲的雷曼时刻么？
Kill or cure?
是致死还是治愈？
What might happen if Greece defaults depends largely on how policymakers behave: the costs of contagion need not be big if panic does not take hold. The ECB could counter money-market flight, for instance, by supplying more liquidity, as the Fed did after Lehman crashed. It could also reopen the foreign-exchange swaps set up with the Fed during the crisis.
希腊违约债务过多地依赖于当局的作为会引发什么事件呢？如果人们对恐慌视而不见，危机蔓延的成本则不会很大。欧洲央行能够抵御住货币市场衰败的势头，举例来说，正如和雷曼破产后美联储采取的办法一样：增加市场的流动性。同时，还可以重启外汇市场的互换业务，这一举措也是在金融危机时期由美联储创立的。
Some good ideas are already being discussed. One is to conduct credible stress tests and recapitalise banks that fail. On June 17th the IMF urged European regulators to speed up recapitalisation, warning that there is still a tail of weak banks.
人们也在讨论着其他好的做法。其中之一就是着手进行信用压力测试和对那些频临倒闭银行的资产重组。6月17日，国际货币基金组织敦促欧洲金融的监管者加速资本重组的进度，并警告：抓紧完成上述业务的收尾工作。
Another idea is to increase the capacity for providing liquidity to countries on the periphery that seem solvent, yet risk being caught in the fallout from a Greek default. On June 20th the European Union restructured its interim bail-out fund, increasing its lending capacity to €440 billion from an effective limit of €260 billion by getting France, Germany and others to guarantee more of its debt. EU officials also encouraged the flow of private credit to Ireland, Portugal and Greece by saying that the fund would not be repaid before other lenders if debts were restructured.
然而对于受到希腊债务危机后果波及，从而使风险有所增加，但仍具备偿债能力的那些地理边缘国家来说，另一个可行的办法就是通过提供流动性来增加其举债能力。6月20日，欧盟调整了其临时紧急救助基金结构，将从法国、德国和其他国家筹集的有效上限从2600亿欧元提高至4400亿欧元，使其债务得到更为有效的担保。欧盟官员同时还鼓励在爱尔兰、葡萄牙和希腊等国运用私人信贷手段，并声称：如果进行债务重组，则不必赶在其他放贷人之前偿付这些基金。
Some policies, though, might cause trouble. The ECB has threatened not to accept Greek government bonds as collateral if the country’s debt were restructured. If it carried out that threat, a liquidity crisis in Greece, bank runs and other mayhem could ensue. “It would be almost like an act of war,” says a senior executive at a Greek bank. “I don’t think that they’d pull the plug.”
尽管有些政策可能会带来麻烦，欧洲央行也威胁道：如果国家债务进行重组，不接受希腊政府债券作为担保。万一可怕的预言真的变为现实，那么希腊流动性的危机、银行的破产倒闭和其他大的灾难都将接踵而至。“那动静就像一场战争一样”希腊银行的一位高级执行官表示“我认为他们不会引火烧身的。”
Financial contagion
金融危机的蔓延
Fear of fear itself
令人恐惧的是恐惧本身
Is this Europe’s Lehman moment?
这是欧洲的雷曼时刻么？
Kill or cure?
是致死还是治愈？
What might happen if Greece defaults depends largely on how policymakers behave: the costs of contagion need not be big if panic does not take hold. The ECB could counter money-market flight, for instance, by supplying more liquidity, as the Fed did after Lehman crashed. It could also reopen the foreign-exchange swaps set up with the Fed during the crisis.
希腊违约债务过多地依赖于当局的作为会引发什么事件呢？如果人们对恐慌视而不见，危机蔓延的成本则不会很大。欧洲央行能够抵御住货币市场衰败的势头，举例来说，正如和雷曼破产后美联储采取的办法一样：增加市场的流动性。同时，还可以重启外汇市场的互换业务，这一举措也是在金融危机时期由美联储创立的。
Some good ideas are already being discussed. One is to conduct credible stress tests and recapitalise banks that fail. On June 17th the IMF urged European regulators to speed up recapitalisation, warning that there is still a tail of weak banks.
人们也在讨论着其他好的做法。其中之一就是着手进行信用压力测试和对那些频临倒闭银行的资产重组。6月17日，国际货币基金组织敦促欧洲金融的监管者加速资本重组的进度，并警告：抓紧完成上述业务的收尾工作。
Another idea is to increase the capacity for providing liquidity to countries on the periphery that seem solvent, yet risk being caught in the fallout from a Greek default. On June 20th the European Union restructured its interim bail-out fund, increasing its lending capacity to €440 billion from an effective limit of €260 billion by getting France, Germany and others to guarantee more of its debt. EU officials also encouraged the flow of private credit to Ireland, Portugal and Greece by saying that the fund would not be repaid before other lenders if debts were restructured.
然而对于受到希腊债务危机后果波及，从而使风险有所增加，但仍具备偿债能力的那些地理边缘国家来说，另一个可行的办法就是通过提供流动性来增加其举债能力。6月20日，欧盟调整了其临时紧急救助基金结构，将从法国、德国和其他国家筹集的有效上限从2600亿欧元提高至4400亿欧元，使其债务得到更为有效的担保。欧盟官员同时还鼓励在爱尔兰、葡萄牙和希腊等国运用私人信贷手段，并声称：如果进行债务重组，则不必赶在其他放贷人之前偿付这些基金。
Some policies, though, might cause trouble. The ECB has threatened not to accept Greek government bonds as collateral if the country’s debt were restructured. If it carried out that threat, a liquidity crisis in Greece, bank runs and other mayhem could ensue. “It would be almost like an act of war,” says a senior executive at a Greek bank. “I don’t think that they’d pull the plug.”
尽管有些政策可能会带来麻烦，欧洲央行也威胁道：如果国家债务进行重组，不接受希腊政府债券作为担保。万一可怕的预言真的变为现实，那么希腊流动性的危机、银行的破产倒闭和其他大的灾难都将接踵而至。“那动静就像一场战争一样”希腊银行的一位高级执行官表示“我认为他们不会引火烧身的。”
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