歐元區紓困基金難以擴容
Market spikes eurozone guns
This week’s market upheaval in Europe has made it difficult to increase the firepower of the eurozone’s €440bn rescue fund to the €1,000bn that the bloc’s leaders had hoped for, the fund’s chief executive said on Thursday.
歐元區紓困基金負責人周四表示，歐洲市場本周大幅動盪，已使這只4400億歐元的基金很難將火力增至1萬億歐元，這將讓歐元區領導人的期望落空。
Investors have fled from bonds issued by highly indebted countries. Luring them back by offering insurance on losses – the centrepiece of a plan agreed in Brussels on October 26 – would now probably use up more of the fund’s resources, Klaus Regling, head of the European Financial Stability Facility, said.
投資者已紛紛逃離負債纍纍的國家發行的債券。歐洲金融穩定安排(EFSF)負責人克勞斯•雷格林(Klaus Regling)表示，現在通過對損失提供擔保——這是各方10月26日達成的計劃的中心部分——來吸引他們重返市場，很可能會消耗該基金更多的資源。
His concerns underline Europe’s difficulties in putting in place mechanisms to contain the sovereign debt crisis and, if necessary, help Italy cope with soaring refinancing costs.
他的擔憂突顯出，歐洲很難建立相關機制來抑制主權債務危機，並在必要時幫助意大利應對不斷飆升的再融資成本。
I think the political turmoil that we saw in the last ten days probably reduces the potential for leverage,” Mr Regling told reporters. “It was always ambitious to have that number, but I’m not ruling it out.”
雷格林對記者表示：“我認為，我們在過去10天看到的政治動盪很可能會降低進行杠桿操作的潛力。提出那樣的數字從來就是雄心勃勃，但我並不排除達到那個數字的可能性。”
The European Commission sharply downgraded its forecast for eurozone growth next year from 1.8 per cent to 0.5 per cent. The global ramifications of Europe’s economic woes became clearer with the the growth in China’s exports to the EU slowing in October and a sell-off in Asian equities markets.
歐盟委員會(European Commission)將明年歐元區增長預測從1.8%大幅下調至0.5%。歐洲經濟困局給全球帶來的影響變得愈發明顯：中國10月份對歐盟出口的增長有所放緩，亞洲股市出現拋售。
The loss guarantee programme aims to leverage the €250bn remaining in the EFSF to cover more than 4 to 5 times the value of bonds than if the fund purchased the bonds outright.
損失擔保計劃旨在用EFSF剩餘的2500億歐元進行杠桿操作，與該基金出面直接買進債券相比，擔保價值高出4至5倍的債券。
But Mr Regling said heightened investor skittishness meant the guarantees would now have to be bigger in order to convince investors to participate, meaning the fund was likely to have only 3 to 4 times the firepower.
但雷格林表示，投資者緊張情緒加劇意味著，如今擔保力度必須加大，才能說服投資者參與進來，這說明EFSF很可能只有3至4倍的火力。
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