The Vickers answer is to get Banks also to hold thick layers of "bail-in" debt that will impose losses on private creditors of a failing institution before taxpayers are called into action.

维克斯的回答是，在纳税人被迫参与营救前，让正在走下坡路的机构持有丰厚的纾困债券，以应对私有债权人的损失。

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Despite the sovereign debt crisis and questions about the effectiveness of bail-out packages, the forecast for growth in the euro area has improved.

尽管发生了主权债务危机，而且人们对纾困计划的有效性产生了质疑，欧元区的增长预测却有所提高。

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Moody’s made the cut on the basis that Ireland will also eventually need another bail-out, provoking more grumbles in Brussels about the role of ratings agencies in the debt crisis.

基于爱尔兰终需另一次纾困，穆迪做出了此次调整，加剧了在布鲁塞尔的各国代表，对于信用评级机构在债务危机中所扮演角色的不满。

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European policy makers are considering a host of proposals to eliminate implicit government guarantees, including a new resolution regime, turning some liabilities into bail-in debt that will automatically take losses, depositor-preference regimes that would subordinate unsecured bondholders, and U.K.-style plans to ring-fence certain activities.

WSJ: Agenda: Basel III��Don't We Have Enough Problems?

Signals that the endless fumbling over Greece's second bail-out will end in debt restructuring prompted investor flight from core euro-zone countries as well as peripheral ones.

ECONOMIST: The euro zone on the edge: The road to Rome | The

Years of accumulated deficits, a bank bail-out in 1995, and punishing interest rates have swollen the national debt to a Greek-style 140% of GDP.

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