欧洲稳定机制

希腊已经要求欧洲稳定机制为其连续两年提供所需的全部金融支持资金。

Greece has requested an ESM bailout to cover all its financial needs for two years .

欧洲稳定机制预期将在7月问世，作为临时性的4400亿欧元欧洲金融稳定安排（EFSF）的永久性替代品。

The ESM is expected to debut in July as the permanent successor to the temporary , € 440bn European Financial Stability Facility .

欧洲稳定机制使欧元区的援助基金，能够为遇到财政困难的国家提供高达5000亿欧元（约合5600亿美元）的援助资金。

It can provide countries in financial difficulty with up to € 500 billion ( $ 560bn ) .

欧洲稳定机制和欧洲金融稳定安排（EFSF）的总体贷款能力将提高到7000亿欧元。

The combined lending ceiling of the ESM and the European Financial Stability Facility will be raised to € 700bn .

瑞银（UBS）策略师贾斯汀奈特（JustinKnight）表示：理论上，这道防火墙的规模足以纾困西班牙。但他补充称，欧洲稳定机制可能在筹集高额贷款时遭遇操作困难。

The firewall is big enough in theory for Spain , said Justin Knight , a strategist at UBS , but added that the ESM would be likely to face practical difficulties raising large loans .

这位官员表示，德国总理安格拉默克尔（AngelaMerkel）将明确表示，只有当欧元本身面临威胁时，才能动用永久性的欧洲稳定机制，作为最后的手段。这一机制将于2013年建立。

The official said Angela Merkel , German chancellor , will make it clear that use of the permanent European stability mechanism , which comes into existence in 2013 , can only be used as a last resort when the euro itself is under threat .

可通过欧洲稳定机制或者部分部署欧元区债券来提供这种保证，同时维持市场对政府融资的约束。

This assurance could come from the ESM or partial deployment of eurozone bonds in ways that maintain market discipline on state financings .

这一计划将以一个永久性的“欧洲稳定机制”取代目前4400亿欧元的欧元区救援基金，该基金将于2013年到期。

The plan would replace the present 440bn eurozone rescue fund , due to expire in 2013 , with a permanent " European stabilisation mechanism " .

理论上，除非欧元区政界人士同意成立一项联邦银行业监督体系，否则欧洲稳定机制在法律上无权完全接过提供银行纾困资金的责任。

On paper the ESM will not be given legal powers to take over the bank bailouts entirely until eurozone politicians have agreed to a federal banking supervision system .

应急步骤的严重性，应当鼓励欧元区领导人“未雨绸缪”比如现在就把欧洲稳定机制的资金注入银行，并针对西班牙等国达成中期融资保证。

The seriousness of the emergency steps should encourage eurozone leaders to take precautions such as getting ESM capital into banks now and agreeing on a medium-term funding assurance for countries such as Spain .

就此而言，我们需要评估金融支持规模和范围的所有选项，不仅包括目前的机制，还包括永久欧洲稳定机制。

Here we need to review all options for the size and scope of our financial backstops – not only for the current ones , but also for the permanent European stability mechanism too .

与此同时，永久性欧洲稳定机制计划中最大的败笔在于，总额5000亿欧元的资源将不足以应对较大国家的流动性危机。

Meanwhile , the biggest failing in the plan for a permanent European stability mechanism is that its resources – a total of € 500bn – would be insufficient to manage liquidity crises in larger countries .

1992年的《马斯特里赫特条约》禁止紧急救助行为，但我们已经达成了建立两个纾困组织的协议：临时援救基金和欧洲稳定机制，我国制宪法庭正在对其合法性进行审议。

The Maastricht Treaty of 1992 banned bail-outs , but you have yourself authorised two agreements allowing them : the temporary rescue fund and the permanent European stability mechanism , whose legality our constitutional court is considering at the moment .

它们提议的条约将把欧洲稳定机制永久性替代4400亿欧元的欧洲金融稳定安排变成一个独立基金，以严格的条件为债务深重的国家提供援助，同时推动增长。

The treaty they propose would turn the planned European Stabilisation Mechanism – the permanent replacement for the € 440bn European financial stability facility – into an independent fund , granting aid to debt-strapped countries under strict conditionality , but also promoting growth .

修订后的欧洲金融稳定机制（EFSF）可以代替欧洲中央银行（ECB）购买希腊的债券，但很快便会碰到与芬兰要求希腊提供债券抵押同样的问题。

The revamped EFSF may then be able to take up the bond-buying task from the ECB and a problem may be found to the problem of Finland 's demand for collateral .

瑞士信贷（CS）称，欧洲稳定金融机制将创造一个新的“欧元债券”，以帮助融资赎回由私人投资者所持有的周边国家几十亿欧元的主权债务。

The EFSF would create a new " Eurobond ," as Credit Suisse ( CS ) is calling it , to help finance the acquisition of billions of euros worth of peripheral sovereign debt held by private investors .

欧元区的金融援助基金欧洲金融稳定机制（EFSF）必须尽快向欧洲的银行注入资本。

The European Financial Stability Facility ( EFSF ), the euro zone 's bail-out fund , must carry out simultaneous injections of capital into the region 's banks as soon as it can .

但是，让欧洲金融稳定机制（efsf）贷款给西班牙银行资本重组基金（按西班牙语称为frob）的构想，无法通过这一测试。

But the idea for the European financial stability facility to lend money to the Spanish bank recapitalisation fund , known by its Spanish initials frob , does not meet this test .

如果需要进行资本重组，欧洲金融稳定机制将被用作工具。

The ESM would be the tool used if recapitalisation were to be required .

希望抛售主权债务的投资者们终于迎来了欧洲稳定金融机制这位意向买家。

Those investors looking to get rid of their peripheral sovereign paper would now have a willing buyer in the EFSF .

但是欧洲金融稳定机制买的是不良主权债务，不是问题银行的不良抵押资产。

But instead of buying bad mortgages off the books of crippled banks , the EFSF would buy bad sovereign paper .

欧洲金融稳定机制只有在其理事会一致同意改变规则的情况下，才能够直接给银行提供贷款，而德国反对这么做。

The ESM could only lend directly to banks if its board were to agree unanimously to change the rules , which is opposed by Berlin .

人们对于欧洲金融稳定机制赎回主权债务的价格还存在争议，但是大部分认为该价格会向当前已然低于面值的市场价看齐。

The price at which the EFSF would pay for the debt is controversial , but most see it paying the current market price for the bonds , which is below face value .

赎回之后，欧洲金融稳定机制将不再计较债券的价格差额，并最终削减周边国家的债务，藉此让他们赢得喘息之机。

The EFSF would then forgive the difference in the value of those bonds , essentially giving the peripheral nations a haircut on their debt , allowing them time to get back on their feet .

在短期内，影响市场的重大消息将主要来自欧洲。本周四召开的欧洲央行政策会议可能会向外界更加清晰地传递有关债券购买计划的信息。下周，德国宪法法院将对欧洲稳定机制（EuropeanStabilityMechanism）的合法性做出裁决。

In the near term , the news will flow most heavily from Europe , with an ECB policy meeting on Thursday that may produce more clarity on a bond-buying program , followed by a ruling next week by the German Constitutional Court on the legality of the European Stability Mechanism .