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经济学人:Europe&prime;s zombie banks 欧洲的僵尸
属类:时事政治-经济学人双语版
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(1). Europe′s zombie banks

欧洲的僵尸银行

(2). Blight of the living dead

活死人没有黎明

(3). Europe′s financial system is in a terrible state, and nothing much is being done about it

欧洲金融体系现状极差,也没多少改观

(4). Jul 13th 2013

2013年7月13日

(5). “PROBABLY the most successful monetary-policy measure undertaken in recent times.” That isMario Draghi′s self-effacing judgment on the outright monetary transactions (OMT) programme,the promise made by the European Central Bank (ECB) last summer to buy the bonds of strugglingeuro-area governments. The ECB′s president deserves credit for bringing calm to bond markets.But in reality the situation is still awful, and Europe′s banks are at the heart of theproblem.

欧洲央行行长德拉吉谦虚地作出评价:“也许,直接货币交易是近期最成功的货币政策。” 去年夏季,欧洲央行(ECB)许下诺言,要利用直接货币交易政策来购买欧元区经济困难国家的债券。ECB行长平定了债券市场,值得嘉奖。但是,实际情况还是很糟糕,欧洲各个银行现在处在了问题的中心。

(6). The euro-zone economy has contracted for six consecutive quarters. The IMF this week revisedits 2013 forecast down again: it expects the euro zone to shrink by 0.6% this year. (Just torub things in, the fund adjusted its forecasts for Britain upwards.) The outlook in the coreeuro-zone economies has worsened, thanks in part to a slowdown in China: in May German exportssuffered their sharpest fall for two years. But the brunt of the pain is being borne by theperipheral economies.

欧元区经济萎靡的状况已经连续了6个季度了。IMF这周再次重新修订了对2013年度的预计:今年欧元区经济下降0.6%(另外,该组织调整了对英国经济的预测,认为英国今年经济能有所回升)。欧元区核心国家的经济前景进一步恶化了,部分是因为中国经济发展速度降低:今年五月德国向中国的出口量跌至了两年最低。但是,惨剧影响的却是边缘国家的经济。

(7). Greece is in its sixth straight year of recession; Spain′s unemployment rate stands at almost27%; Italy′s credit rating was downgraded this week. Beno?t Coeuré, an ECB board member, gotit right on July 10th when he said that the euro zone “is still engulfed in a severe crisis”. The OMT programme may keep the financial speculators at bay, but pressure can build on thestreets as well as in bond yields. Years of joblessness, economic hardship and edicts fromcreditor countries are straining the political fabric in Portugal and Greece.

希腊的经济衰退已经连续6年了;西班牙的失业率高达27%;本周意大利的信用等级有所下降。ECB执行委员会会员Benoit Coeure在7月10日表示:“欧元区仍陷入严重的危机中”,事实确实如此。直接货币交易正常也许会阻止人们在金融上的投机行为,但是给人们和债券收益也增添了压力。连年失业、经济困难以及债权国的法令都让葡萄牙和希腊的政治岌岌可危。

(8). Credit corpses

信贷不再

(9). Banks are central to Europe′s prospects. The fear, especially in peripheral economies, is arepeat of Japan′s experience in the 1990s, when “zombie” banks staggered along for years,neither healthy enough to lend to firms nor weak enough to collapse. There are the sameunvital signs in Europe. The average price-to-book ratio for European banks remains below one,suggesting that investors think lenders are worth more dead than alive. In America, wherebanks were recapitalised quickly, the ratio exceeds one. Italy′s two big lenders, UniCreditand Intesa Sanpaolo, have ratios of 0.34 and 0.42 respectively.

欧洲的未来,都寄托给了银行。欧元区经济体都害怕,特别是欧元区边缘经济体,他们会重复日本90年代的经历——银行“半死不活”,几年来一直摇摇晃晃,死不下去也活不过来,借不出钱也倒不下去。欧洲银行也出现了类似迹象,奄奄一息。欧洲银行的平均市净率低于1,意味着投资商们认为这些借贷银行赖活着不如死了。美国银行迅速进行了资本重组,市净率超过了1。意大利两大借贷银行联合信贷和联合圣保罗的市净率分别是0.34和0.42。

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