欧洲债券

在欧洲债券的基础上，银行开发出许多变异的新产品。

Banks have developed other variations on the Eurobond .

欧洲债券市场不仅对欧洲证券市场，而且对其他金融市场都有着重大的影响。

The development of the Eurobond market has had a great impact not only on European Securities markets , but also on other financial markets .

欧洲债券交易员告诉《财富》杂志（Fortune），如果没有欧洲央行的持续干预，意大利债券收益率可能早已升至两位数。

Without the continued ECB intervention , Italian bond yields would have probably blown out into the double digits , European debt traders tell Fortune .

和巴克莱银行（Barclays）愿望颇为强烈，华宝银行是一家商业银行，领导着在伦敦以离岸美元为结算单位的欧洲债券市场。

G.Warburg , a merchant bank that had pioneered London 's eurobond market based on offshore dollars in the early1960s , plunged into the fray .

他表示，眼下正是前法国财长、三周前就任IMF总裁的拉加德驱散外界疑虑、证明自己不会偏向欧洲债券持有人的大好机会。

He said Ms Lagarde , the former French finance minister who took over as managing director three weeks ago , would have an ideal opportunity to dispel suspicions of bias towards European bondholders .

比利时鲁汶大学的经济学家PaulDeGrauwe认为通过分散风险，欧洲债券可以成为一种持久应对不稳定的流动性危机的方法。

By pooling risk , Eurobonds could be a more durable counter to such destabilising liquidity crises , argues Paul De Grauwe , an economist at the Catholic University of Leuven , in Belgium .

大型宏观基金bridgewater因在黄金和美国及欧洲债券上下注，收获了近45%的利润。

Bridgewater , a large macro fund , gained nearly 45 % , aided by its bets on gold and American and European bonds .

据惠誉（Fitch）统计，在2007年7月存在的美欧按揭贷款支持的交易中，债务违约带来的欧洲债券损失仅为0.7%，而美国的交易损失达12%。

Of the US and European mortgage-backed deals that existed in July 2007 , European bonds have lost just 0.7 per cent from loan defaults , according to Fitch , while US deals have suffered losses of 12 per cent .

如果意大利一半的债务是通过发行欧洲债券来融资其效果近似于缩短了意大利国债的平均期限那么意大利下任政府就更有动力避免EFA对其作出任何惩罚。

Having practically half the Italian debt financed by European Treasury bills would have an effect similar to a reduction in the average maturity of its debt . That would make a successor government all the more responsive to any punishment imposed by the EFA .

可是，迄今为止德国坚决地反对欧洲债券解决方案。

But so far , Germany adamantly opposes the Eurobond solution .

一个流动性上佳的欧洲债券全球市场将随之出现。

A liquid global market for European bonds would follow .

外国债券发行的管理费用比欧洲债券市场低。

Expenses in connection with a bond issue than has the Euro-bond market .

衡量投资者恐慌情绪的指标例如欧洲债券相对于德国国债的息差亦是如此。

So are measures of investor fear , such as European bond spreads over German bunds .

如此一来，各国发行的非欧洲债券看起来也会安全得多，至少比他们现在的主权债券好不少。

So the non-eurobonds they issue would look a lot safer than their sovereign debt looks today .

同样，德国可能会同意引进欧洲债券，但只有符合严格标准的国家。

Similarly , Germany could agree to introduce Eurobonds , but only for countries that meet exacting criteria .

大量现有的欧洲债券构成方案看起来更像是创可贴式的权宜之计，而不是手术式的最终缝合。

There are a number of Eurobond structures floating about that seem to be more band-aid than stitch .

这种局面对德国人来说有失公平，所以他们始终拒绝有关发行欧洲债券的任何对话。

Such a scenario seems unfair to the Germans , which have repeatedly blocked any talk of issuing Eurobonds .

其中一种结构是成员国同时发行欧洲债券和主权债券。

One of those structures would see member states issuing both Eurobonds and sovereign bonds at the same time .

而发行统一的欧洲债券需要一体化的财政，只有这样才可能解决核心问题。

The issuance of a common debt instrument would require such fiscal integration , ostensibly extinguishing the core problem .

美国也已经插手了，它是美元流动性的提供者；亚洲国家则是欧洲债券的购买者。

The US is already involved as a provider of dollar liquidity and the Asian countries as purchasers of European bonds .

最后，该方案可能也无法重塑投资者对欧洲债券市场的信心。

At the end of the day , the deal will probably fail to bring back confidence in the battered European debt markets .

欧洲债券的收益率降低之后，借款利息的总体成本将会下降，从而缓解这些国家的预算压力。

Since the total interest costs would fall because of low rates on the Eurobonds , the pressure on their budgets would recede .

经济角度看来，有个更强健的构想：以欧元区所有成员国为依托，联合发行欧洲债券。

A more robust idea from an economic perspective would be the ability to issue Eurobonds collectively backed by all the zone 's members .

如果以英格兰银行曾经着手的规模进行的话，这个计划可以安抚惊恐的欧洲债券市场。

If done on the scale that the Bank of England has undertaken , it could restore stability to Europe 's panicky bond markets .

中方仍将是欧洲债券长期持有者，希望看到一个团结的欧盟和强大的欧元。

China will continue to be a long-term holder of European bonds , and hopes to see a united European Union and a strong Euro .

到目前为止，那些由于强大的财政实力被其他国家要求试验欧洲债券的欧洲地区，特别是德国，仍用对其充满恐惧。

Until now the countries that call the shots in the euro area those with strong public finances , notably Germany have viewed Eurobonds with horror .

目前，多方都在要求实施更根本的应对危机的解决方案：发行“欧洲债券”来为摇摇欲坠的货币联盟建立更稳固的财政基础。

Many are now calling for a more fundamental solution to the crisis : the issue of " Eurobonds " in order to provide a fiscal underpinning to the shaky monetary union .

而一旦日元走弱，或许目前似乎热衷于购买高收益的其它新兴市场国债的日本投资者，就会开始在投资组合中加入目前同样高收益的欧洲债券。

Once that happens , perhaps Japanese investors will start to add now high-yielding European bonds to all those other emerging markets ones , also high-yielding , they seem so keen on .

不过，如果这些国家愿意把财政权交给欧盟，同时实施类似德国的平衡预算方案，最终德国似乎也愿意承担发行欧洲债券对融资成本造成的冲击。

But the Germans finally seem open to taking a hit in interest rates if those nations give up their fiscal authority to the EU and take on a german-like balanced budget solution .

如果危机变得太过严重，欧盟有可能被迫发行由全体成员国担保的欧洲债券，来清偿到期债务。

It 's possible that the crisis will become so severe that the EU will be forced to issue euro bonds , guaranteed by all the member nations , to cover the debt .