这种“或有资本”可能会迫使债券持有人分担痛苦，他们在近来资产救助计划中没有受到冲击。
This' contingent capital 'would force bondholders to share the pain — something that didn't happen in the most recent round of bailouts.
欧洲稳定机制将支付能力危机同流动性危机区分开来；破产国家的债券持有人预计要分担损失，但此项规定到2013年后才会生效。
The mechanism distinguishes a “solvency” crisis from a “liquidity” one, with bondholders in insolvent countries expected to take the brunt of losses, but does not come into force until 2013.
跟通过联合担保而发行的欧元债券不同，欧洲金融稳定基金背后的国家担保机制让每个国家只承担一小部分担保责任，责任大小跟这些欧元区国家的经济体大小成正比。
Unlike jointly underwritten Eurobonds, the national guarantees backing the EFSF puts each state on the line for only a share of it, broadly in line with its weight in the euro-area economy.
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