财政可持续性   fiscal sustainability

中期可持续性   medium-term sustainability

债务危机已进入危险的新阶段   the debt crisis has entered a perilous new phase

欧洲金融稳定基金   the European Financial Stability Facility (EFSF)

货币联盟缺乏财政支撑   monetary union lacks a fiscal underpinning

发行由欧元区成员国连带担保的欧元债券   the issuance of Eurobonds that are jointly and severally underwritten by euro-zone members

欧元区共同债券   eurobonds

对希腊债务进行有序的重组   an orderly restructuring of Greece’s debts

大幅减记   deep haircut

债券持有人损失的净现值  the net present value of bondholders

无序违约   a disorderly default

德拉吉    Mario Draghi

救援能力/火力   firepower

德国央行    the Bundesbank

欧洲央行成为提供无限量贷款的最后贷款人   the ECB becomes an unlimited lender of last resort

缺流动性但具备偿付能力   to be illiquid but solvent

失去偿付能力  to become insolvent

德国财力最雄厚   Germany has the deepest pockets

托宾税   Tobin tax

朝着更紧密的财政一体化   towards closer fiscal integration

火箭筒   bazooka

欧洲深陷主权债务危机   Europe is in the grip of a sovereign debt crisis

填补预算窟窿    to plug the hole in the budget

财政收缩    fiscal retrenchment

让债务占GDP的比率进入下行通道   to put the debt-to-GDP ratio on a declining trajectory

微观审慎监管   microprudential supervision

宏观审慎监管    macroprudential supervision

银行业监管   banking supervision

财政主权  fiscal sovereignty

放弃财政主权  to relinquish fiscal sovereignty

个体金融机构  individual institutions

流动性最强的金融市场   the most liquid financial markets

靠举债支出走出衰退    to borrow-and-spend its way out of recession

印钞机开足马力   printing presses run at full speed

监管宽松   light-tough regulation

存款挤兑  deposit runs

银行挤兑  bank runs

引发银行挤兑  to precipitate a bank run

打开货币水龙头   to turn the monetary taps on

为欧元区危机买单   to pick up the tab for the euro zone crisis

顺周期的监管加剧了信贷紧缩   pro-cyclical regulation exacerbated the credit crunch

欧元存在根本性缺陷   the euro is fundamentally flawed

信用降级  credit downgrade

保住法国的最高信用评级  to preserve France’s top-tier credit rating

向   注入流动性   to inject liquidity into

欧洲主权债务危机   the European sovereign-debt crisis

在金融危机最严重的阶段   at the height of the financial crisis

财政是稳健的    the public finances are sound

面对经济危机   in the face of economic crisis

在危机中果断行动   to act decisively in a crisis

搭德国的便车   to take a free ride on Germany

如果需要修约   if treaty amendment is needed

猛药   harsh medicine

监管的不可预测性   regulatory unpredictability

系统性银行业危机   systemic banking crisis

长期再回购操作   LTRO   long-term refinancing operations

冲销式的国债购买  OMT 

可置信的财政契约   a credible fiscal compact

欧洲稳定机制   ESM

过于依赖货币市场上的批发性融资   be too dependent on wholesale funding in the money markets

非银行金融机构   non-bank financial institutions

财政自主权   fiscal autonomy

是金融危机的后遗症  be a hangover from the financial crisis

欧洲央行提供几乎无限量的流动性   the provision of virtually unlimited liquidity by the ECB

严厉的财政紧缩   draconian fiscal austerity

利率传导到货币市场上  interest rates feed through to money markets

政府的隐性担保   an implicit government guarantee

将政策重点从紧缩转向增长   to move the focus of policy away from austerity to growth

常规和非常规的货币政策    conventional and unconventional monetary policy

造成金融不稳定   to generate financial instability

对银行的资产负债表进行压力测试   to stress-test banks’ balance-sheets

优先级债权人   senior bondholders

次级债权人   junior bondholders

无保险的存款  uninsured deposits

被保险的储户   insured depositors

债券持有者   bondholder

在金融危机的第一阶段   in the first phase of the financial crisis

三驾马车  the troika

在危机四伏的希腊  in crisis-ridden Greece