对公共债券的国家等级而言，最一目了然的社会学测试是人民愿意为国捐躯；
The clearest sociological test for the national level of the communal bonds is that people are willing to die for their nation;
众多公共债券都受到国内法律的管辖，这就意味着，只须通过一道国会法案就可以改变还款条款。
Most public bonds are subject to domestic law that means terms of repayment can be altered through an act of parliament.
第一个有记录的公共债券起源于1150年的1月，当局以市场中商贩们的税收为抵押，从投资者那里筹集了400里拉。
The first recorded public bond is dated January 1150 when the municipality raised 400 lire by granting to investors the tax revenue raised from stallholders in the marketplace.
许多债权人仍被那些破产的“老”银行套牢，然而，一旦新银行的剩余价值超过公共资本的剩余价值，债仅人将获得这些银行的债券或股份，以作为补偿。
Most creditors are stuck in the bankrupt "old" Banks, but if any surplus value emerges in the new Banks beyond that of the public capital, they will get bonds or shares in them as compensation.
法国官方也许渴望欧洲债券，但是并不敢在公共场合表现出来。
French officials may be keen on Eurobonds, but dare not speak of them in public.
实际上，经济学家惊讶地发现，很难清楚地说明沉重的公共债务和高额债券收益率的关系，经济学家有理由担心后者将会被挤出。
Indeed, economists find it surprisingly hard to demonstrate the clear link between heavy public debt and higher bond yields that would justify fears of crowding out.
一个关于意大利经济稳健更有力的论点是说，它的公共债务太多了以至于投资者承担不起抛售它们的费用：意大利国债构成了全球第三大债券市场。
A better argument for Italy's robustness is that its public debt is so vast that investors cannot afford to abandon it: Italian treasuries make up the third-biggest bond market in the world.
至今为止，有着稳定的公共财政状况的国家尤其是在欧元区内发号施令的德国，并不赞同推行欧洲债券。
Until now the countries that call the shots in the euro area-those with strong public finances, notably germany-have viewed Eurobonds with horror.
公共财政剧烈恶化，使得债券市场颇为不安，爱尔兰借贷也愈发艰难。
The rapid deterioration in the public finances has unnerved bond markets and raised Ireland’s borrowing costs.
推出欧元债券的内在原因是欧元区作为一个整体来说公共财政状况尚佳，至少与某些发达大国相比是这样。
An underlying rationale for Eurobonds is that the public finances of the euro area as a whole look quite respectable, at least compared with those of other big rich economies.
但是身处那些低储蓄率或是公共财政不稳定国家的银行(最明显的是西班牙和英国)仍然不得不为他们的债券寻找买家。
But Banks in countries with lower savings rates and shakier public finances, most obviously Spain and Britain, still have to find buyers for their debt.
《经济学家》在之前对希腊债券动态的分析上，相当保守地估计，希腊的公共债务将稳定在其GDP的150%水平之上。
Previous analysis of the country's debt dynamics by the Economist, based on fairly benign assumptions, concluded that Greece's public debt would stabilise above 150% of its GDP.
另外两个欧元区国家比利时和意大利的公共债务也占GDP的100%以上，但是目前这两国还没有遭受债券高回报率带来的痛苦。
Two other euro-zone countries, Belgium and Italy, already have public debt of 100% of GDP or more and do not (yet) suffer painfully high yields.
不过，这种不明智的选择，不但让国家迫使银行债券持有人背负损失的能力大打折扣，也会将公共财政逼到崩塌的境地。
That has limited the state’s ability to force losses on the banks’ bondholders and left the public finances in ruins.
一月25号，靠发行5年期债券筹集80亿欧元（约合110亿美元）后，对希腊公共财政的担心似乎有所下降。
Worries about Greece’s public finances seemed to recede on January 25th when it raised EURO 8 billion ($11 billion) in an issue of five-year bonds.
日本的公共债务几乎是其GDP的两倍，但是没有迹象表明投资者讨厌日本债券。
Japan's gross public debt is almost 200% of its GDP with as yet few signs of revulsion.
通过银行和养老金体系，日本国民持有这个国家95%的公共事业债券。
Through Banks and pension schemes, the Japanese hold 95% of the country's huge public-sector debt.
通过削减公共开支和增加税收来处理预算赤字的承诺并不能让债券持有者安心，他们知道紧缩政策将会抑制已经疲弱的GDP增长。
Promises to tackle budget deficits through public spending cuts and tax increases have offered little reassurance to bondholders, who know that austerity will hold back already-weak GDP growth.
债券收益率将上升，并提高私人和公共部门实体违约的可能性。
Bond yields would rise and increase the likelihood of default by private and public-sector entities.
根据国际结算银行，公共部门债券只仅仅占到了欧洲银行对希腊，爱尔兰，葡萄牙和西班牙的15%。
According to the bank for International Settlements, public-sector bonds account for only about 15% of European Banks' exposure to Greece, Ireland, Portugal and Spain.
即使成功地使私人债券持有者同意债券延期，承担危机的部分恶果，希腊的公共负债仍然高的难以为继。
Even if private bondholders can be made to share in some of the pain by rolling over their debts, this will still leave Greek public indebtedness unsustainably high.
亚洲和拉丁美洲国家正在改善增长前景，其公共债务水平比很多富裕世界的债券发行国更低，因而延长了期限。
Improving growth prospects and lower public debt than many rich-world issuers have allowed Asian and Latin American countries to lengthen maturities.
博芬格先生想把这一未偿清的欧元区公共债务转化成具有共同偿付责任的“欧元债券”。
Mr Bofinger wants outstanding euro-zone public debt converted into “Eurobonds” with collective responsibility.
英国正在以比其他国家更快的速度增加其公共债务负担，而且债券市场可以转变的很快，所以审慎的做法是对富裕国家缩减财政赤字。
Britainis adding to its public-debt burden at a faster rate than most others and bond markets can turn quickly, so it is prudent to shrink the deficit towards the rich-world norm.
预期经济复苏，以及公共基金加大债券购买力度，让市场情绪变得更加乐观，使得基准指数超过了重要的心理线。
Market sentiment has improved recently on expectations of an economic recovery and increased stock purchases by public funds, helping the benchmark index top the psychologically important line.
预期经济复苏，以及公共基金加大债券购买力度，让市场情绪变得更加乐观，使得基准指数超过了重要的心理线。
Market sentiment has improved recently on expectations of an economic recovery and increased stock purchases by public funds, helping the benchmark index top the psychologically important line.
应用推荐