度娘镇楼什么意思:[2011.11.12] That's all, folks 别无他法 005

来源:百度文库 编辑:中财网 时间:2024/04/27 21:33:32
Italy and the euro zone
难兄难弟
That’s all, folks
别无他法
For the euro to survive, Italy must not fail. That will require leadership and courage
领导力和胆略缺一不可。也是为了欧元,意大利只许胜不许败。
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Nov 12th 2011 | from the print edition

ALTHOUGH it came after scandal, scheming and a truly dismal record as prime minister, Silvio Berlusconi’s resignation pledge was no more cathartic than any other of the remedies that the euro zone has so far concocted. The gesture was too little because Mr Berlusconi is so distrusted, after a total of eight and a half disastrous years in charge, that even now some fear he will find a way to hang on to office or stand again. It was too late because, by the time he promised to resign, Italy’s bonds were consumed by panic. At one point yields gapped up towards 7.5%—a level that would eventually pitch Italy into insolvency and long before that triggers a run on its banks.
在丑闻频发、阴谋连连、政绩低迷的任期之后,意总理承诺离职,尽管如此贝卢斯科尼的离任只不过是欧元区至今为止炮制的一系列宣泄疗法之一。该姿态恐怕收效甚微,因为长达8年半一塌糊涂的任期使得人们无以委信于贝卢斯科尼,以至有些人仍担心他会钻营着找到继续留任或者再次参选。可惜直到当意大利国债市场满布恐慌气氛时,离任的承诺才姗姗来迟。国债收益率向上跳空至7.5%,这将最终导致意大利陷入破产的境地,而要激发银行的活力还需等很长一段时间。
When the world’s third-largest bond market begins to buckle, catastrophe looms. At stake is not just the Italian economy but Spain, Portugal, Ireland, the euro, the European Union’s single market, the global banking system, the world economy, and pretty much anything else you can think of. Greece is important because it sets precedents for the euro—over such things as debt write-downs and rescues (see article). Italy matters much more because it is so vast.
全球第三大债券市场不堪重负之时,也是祸乱若隐若现之日。处在风口浪尖的不仅是意大利经济,还有西、葡、爱尔兰、欧元以及欧洲单一市场、全球银行系统和世界经济以及我们能设想的一切。希腊为欧元区债券减值和救助创制了首例,而意大利则因其庞大的市场显得至关重要。
It is clear now that Italy will be the crucible which tests the euro to destruction—or survival. Only a few weeks ago, that test still seemed avoidable. Now it is at hand. If the euro zone wants its currency to survive, it must stem the panic and make Italy’s vaudeville politics credible. Both acts are still within Europe’s compass. But with each lurch of the euro zone towards contagion, with each bungled change of government, and with each reluctant intervention in the financial markets, the task becomes harder and more costly. As the grim scene unfolds, you can almost feel the euro’s chances draining away.
明确的是现在意大利将成为欧元区生死存亡的试金石。如今近在咫尺的生死考验在几个星期前还是可以避免的。若欧元要在考验中生存下来,平日闹剧不断的领导人必先立信,随后消除人们的恐慌。这两项措施都尚在掌握之中。不过每次对抗危机蔓延遭遇的挫败、政府应对的失利、对金融市场被动的干预都使得任务愈发艰难且代价高昂。随着暗淡的前景缓缓展开,我们几乎能感觉到重振欧元的机会正在流失。
Presto panico
飞来的恐慌
The urgent task is to stanch the financial panic—if only to give politicians a chance to show that, now they understand the stakes, they can do better. This panic took hold on November 9th when, against the background of rising Italian bond yields, LCH Clearnet, a clearing house, raised its margin calls—meaning that anyone dealing in Italian bonds now needs to set more capital aside against possible defaults. That extra capital raised the cost of dealing in Italian government debt, causing a wave of selling as investors quit the market (see article).
当务之急是平息金融市场的焦虑——只要能给政治家一个机会表明他们已明悉其中利害并会做得更好。恐慌开端于11月9日,当意国债利率攀升时,伦敦结算所发布了其追加保证金的通知,此举意味着人们再进行意债交易需要预留更多的资金以预防违约,并马上引发了投资人抛售意债。
Nothing can now prevent a debt crisis in Italy. Borrowing costs are set to remain well above their levels before the crisis. The finance industry will not soon reverse its extra margin call and even if it did, investors are not about to treat Italian debt as “risk free”. Ratings agencies will surely downgrade the country. If its debt is left to spiral down, Italy will be shut out of the bond markets. Its banks will become vulnerable, as their depositors and lenders conclude that they and the Italian state are likely to become insolvent. Contagion will spread across the euro zone. The end will come soon enough.
意债危机无可避免。借贷成本高居恐慌之前的水平。金融业不会马上撤回追加保证金的决定,即便果真如此,投资人也不会认为意债毫无风险。评估机构必将下降意大利的信用评级。如果意债呈节节败退的趋势,意大利早晚会被国债市场拒之门外。那么,若存款人和借贷者认为自己和意大利濒临破产,其银行业将变得脆弱不堪。随后危机将蔓延到整个欧元区,末日也近在眼前了。
But Italy is not yet insolvent. Although the rescue plan set out by the euro zone last month is in tatters, the European Central Bank could still gain time by pledging to buy Italy’s debt in unlimited quantities and to protect European banks, as The Economist has argued. The signs this week were that the ECB had stepped in to ease Italian yields. But it has not yet made that vital public pledge to do whatever it takes, without limit, to create a proper firewall and stop the panic.
所幸意大利并非无力偿还。尽管上个月出台的救助计划难以面面俱到,欧洲央行依然可以通过承诺无限量购买意债并保护欧洲市场赢得时间。此举正如同本刊所主张的一样。本周进一步的迹象表明欧洲央行已介入缓解意债利率问题。不过这还不足以做到他们所保证的尽所有努力建立防护措施的承诺。
The truth is that the risks of the euro splintering really have mounted. Angela Merkel, the German chancellor, and Nicolas Sarkozy, the French president, acknowledged at the recent G20 summit for the first time that they might abandon Greece to its fate—a devastating shift from leaders who had always insisted that the euro would survive intact at any price. There is chatter that they are contemplating a new club of core euro countries that can live within the rules, and jettisoning the rest.
事实摆在面前:欧元区四分五裂的风险已经显现出来。德总理默克尔和法总统萨科齐联合在最近召开的20国集团峰会上第一次申明他们或许会让希腊放任自流,此前领导人们还坚持要不惜一切代价维持欧元区的完整。有传言说他们正考虑抛弃那些带不动的累赘,建立一个欧元核心国联盟。
Such talk will make it harder for the ECB to convince markets that the euro is here to stay. But it may just put the fear of God into Europe’s politicians—indeed, that may be the idea. Ultimately, politicians are the only people who can put this right. If the ECB creates a breathing space, then politicians must use it to convince the world that the euro zone’s democracies have the capacity to deal with their debts and reform their economies—as set out in this issue’s special report on the future of Europe (printed early this week, before Mr Berlusconi’s news). If the politicians fail, so eventually will the euro.
这样的传言显然不利于欧洲央行做出的让人们信任欧元的努力。然而,这也是让欧洲政客们感到一丝惊惧,正是此意。到头来,解铃还须系铃人。若欧洲央行为欧元赢得一时喘息之机,政治家们必须让世界相信欧洲民主有能力处理自己的债务问题并进行经济改革,详情请见这一期关于欧洲命运的特别报道(该刊在贝卢斯科尼离职承诺之前的本周早些时候发行)。如果政客们失败了,那么欧元也在劫难逃。
The man who screwed an entire currency
害群之马
While the fate of the euro was resting on Mr Berlusconi’s follically enhanced head, the chances of success were slim. He liked to portray himself as a pro-business liberal reformer but under him Italy has utterly failed to abandon a model that used lira devaluations to offset inflation and stagnant or falling productivity. Between 2001 and 2010 Italy’s unit-wage costs soared and its economy grew by less than any other country in the world, except Haiti and Zimbabwe. The Economist has long argued that Mr Berlusconi was unfit to govern, but even we have been shocked by how, as the euro crisis drew closer to Italy, he partied and politicked, brushing off the need for reform.
当欧元的命运还掌握在植假发的贝卢斯科尼脑中时,成功的希望十分渺茫。他一度喜欢把自己扮成一个利商的自由经济改革者,而在他领导之下的意大利竟未能摆脱通过里拉贬值来抵消滞胀和持续衰退的生产力的模式。到2010年为止的10年间,意大利单位工资成本飙升,同时其经济发展状况紧追海地和津巴布韦,成为世界倒数第三。本刊一直坚持贝卢斯科尼不适合执政,随着欧元危机附身意大利,他依靠足以让我们震惊的广泛人脉和高超手腕成功断绝了经济改革的需要。
Without Mr Berlusconi, Italy stands a chance. Its stock of debt, though high, is stable. It suffered no housing boom or associated banking bust. Italians are good savers and government tax receipts not too dependent on finance or property. Before interest payments, Italy is even running a fiscal surplus.
此人一走,意大利尚有一线希望。意大利虽债台高筑,却还算稳定,免于房价泡沫或者相关的银行业的危机。意大利人有着良好的存贷习惯,同时政府税入对金融业和房产都不过分依赖。意大利在支付利息之前还有盈余。
Much of the talk in Rome is now of finding a technocrat to run a new government committed to reform—Mario Monti, say, who was a respected European commissioner. Such a caretaker government will have a part to play over the coming months. But reform needs to be sustained for years, and that requires democratic legitimacy more than anything else. So any technocratic caretaker should prepare for urgent elections that could produce a government for reform.
在罗马的会议基本上旨在建立一个由比如资深欧洲委员会委员马里奥蒙蒂这样的经济专家领导的改革政府。这样的看守政府将在将来的几个月中大展拳脚。但是为了让改革成果能够持存,民主合法性比其余一切都更为关键。于是乎,任何专家领导者都须立即着手选举一个改革政府。
For the euro to survive, Italy must succeed. For Italy to succeed, its squabbling politicians must find unaccustomed reserves of unity and courage. That depends on ordinary Italians being willing to make sacrifices, the ECB backing Italy, and France and Germany standing resolutely behind the euro. It is a dauntingly long list of things to go right.
也是为了欧元的命运,意大利只许胜不许败。为了意的胜利,该国吵吵闹闹的政客们必须持有异乎寻常的团结和胆略。而那则依赖于意大利人敢于作出贡献,欧洲央行支持意大利,并且法德两国须成为欧元坚定不移的后盾。征途辽远,容不得一招棋错。
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发表于 前天 14:41 |只看该作者
额。。。几个问题。。。
1.At one point yields gapped up towards 7.5%的意思不是“国债和普通股之间的收益差额已达7.5%”,而是国债收益率一度向上跳空至7.5%。
2.the European Central Bank could still gain time by pledging to buy Italy’s debt in unlimited quantities and to protect European banks, “欧洲央行通过承诺无限量购买意债并保护欧洲市场赢得了时间”,不太准确,“依然可以通过。。。”这是没有发生的,不应该有“了”。
3.core euro countries,欧元核心国家,而不是“欧洲核心国”。
4.follically enhanced head,不是老当益壮,而是暗讽贝氏植了假发的头。
5.Mario Monti, say, “say”在这里不是“说”的意思,而是“比如”,举例的意思。
6.as the euro crisis drew closer to Italy,“虽然我们通过欧元危机附身意大利见识到贝卢斯科尼何等无能”,仅仅是说随着欧债危机逼近意大利,并没有提到“何等无能”之类的吧?
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发表于 前天 14:46 |只看该作者
我之前翻译过这篇,所以看得比较仔细。。。我看完之后才明白LCH clearnet 是伦敦清算所,原来还以为是一家普通的清算公司。
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发表于 前天 15:16 |只看该作者
谢谢dukeatdongxi 你说的很对 学到了很多东西
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发表于 前天 15:19 |只看该作者
我把follical 当成phallical了
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发表于 前天 16:36 |只看该作者
英语理解问题很多
汉语表达也实在需要努力,慢慢来吧
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overmarsnote  xxjj的翻译语序和用词上有独到的地方 学习了先  发表于 前天 18:02
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发表于 前天 17:53 |只看该作者
征途辽远,容不得一招棋错。
It is a dauntingly long list of things to go right.
译的好霸气,只是,只是。
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overmarsnote  有很多不足的地方 愿闻高见  发表于 前天 18:02
拙见,多指教。
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发表于 前天 18:00 |只看该作者
恩 楼上面说的很对啊 我发现表达上面有点欠缺 呵呵 平时也不太看新闻的说
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发表于 昨天 12:21 |只看该作者
本帖最后由 cyeext 于 2011-11-14 12:44 编辑
The urgent task is to stanch the financial panic—if only to give politicians a chance to show that, now they understand the stakes, they can do better.
当务之急是平息金融市场的焦虑——哪怕只是给政治家们一个机会来向市场表明他们已经辨清其中利害并且可以做得更好都可以。
------------------------------
meaning that anyone dealing in Italian bonds now needs to set more capital aside against possible defaults
set aside 应该指预留吧
-------------------------------
offset inflation and stagnant or falling productivity
滞涨
He who is keen in learning takes other people's fortes to make up his defects
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发表于 昨天 17:52 |只看该作者
回复cyeext 的帖子
谢谢cyeext君
我一直以为if only是说前面的那个当务之急的
所以之后的that后面才有一个逗号 我没查过that后面跟两个从句怎么标点 不过感觉only to give politicians a chance to show it that now they understand the stakes...会比较符合show的用法 虽然show也可以不及物