通过支持区域内居于劣势的银行以及购买更多负债经济体的外债，欧洲央行可以为欧元区的外围设计一个作弊式的应急措施。
By propping up the region's weaker Banks and buying its more indebted economies' sovereign debt, the ECB could engineer a back-door bail-out of the euro zone's periphery.
有一个关键问题尚未解决：在经济不能以更快速度增长的情况下，负债最多的欧洲国家将如何减轻其债务负担？
A key problem has not been solved: how will the most indebted European nations reduce their debt burdens without faster economic growth?
去年，英国产出大幅下跌，通货紧缩的阴影笼罩着其负债累累的经济。
As NATIONAL output tumbled last year, deflation loomed threateningly over Britain's debt-laden economy.
我们认为相对于以前的衰退，当前经济衰退的长度和深度是与它之前的家庭负债急剧升高紧密相关的。
Our view is that the depth and length of the current recession relative to previous recessions is closely linked to the tremendous rise in household debt that preceded it.
这些经济体有着较低的负债水平，前景乐观，目前被看作是取代发达经济体承担起了拉动全球经济增长的作用。
Those economies, with lower debt levels and strong outlooks, are now seen as having taken on the role of driving global economic growth from the developed economies.
的确有人曾预见到英语消费者的庞大负债会把经济引向灾难，而这些先知们的灾难预报已经持续了近10年。
It is true that some people forecast that the debt burden of English-speaking consumers would lead to economic calamity, but many of those Jeremiahs had been predicting disaster for a decade or so.
我认为答案是三件重要的事情：首先，高收入国家负债累累的经济仍极度脆弱；
The answer, I suggest, is three big things: first, the debt-encumbered economies of the high-income countries remain extremely fragile;
McKinsey绘制的图片要强调的是局部借贷过度(尽管额度很大)，而不是整个经济的负债过度。
The picture McKinsey paints is one of concentrated (albeit large) credit excesses rather than economy-wide debt binges.
此外，爱尔兰将4000亿欧元的临时负债置入国民经济平衡表，担保六家大型银行和住房互助协会的存款和债务。
Separately, Ireland took euro400 billion of contingent liabilities onto the national balance sheet, when it stood behind the deposits and debts of its six large banks and building societies.
消费者降低负债率会导致经济增长疲软，拉低企业利润和股票价格。
S. economy -- compared with less than 50% of China's -- consumer deleveraging will result in sluggish economic growth, dragging on corporate profits and stock prices.
但是这也许会帮助遏制通货紧缩期望，这是一个负债过度的经济最后需要的。
But it may have helped to stifle expectations of deflation, the last thing an over-indebted economy needs.
经济刺激是负债增长的因素之一，但非主要因素。
Stimulus is one, but not the major, contributor to the increased debt.
虽然还不像意大利那么糟糕，但法国的负债水平相对于其经济产出也已很高了。
While not as bad as Italy, France has a very high debt compared to its economic output.
那些高负债以及宏观经济管理一直较差的国家将最有可能退出。
Countries with high debts and a history of poor macroeconomic management would be most tempted to leave.
银行确实是经济的镜子，所以银行的资产负债表反映了这样的事实：西方人一般是借款者，而亚洲人一般是储蓄者。
Banks are indeed mirrors of the economy, so Banks' balance-sheets reflect the fact that the typical Westerner is a borrower and the typical Asian a saver.
如果家庭资产负债表真的是快速复苏的主要障碍，那么高负债地区和低负债地区的经济表现上的差异是不是更加清晰？
If household balance sheets were really the main obstacle to faster recovery, wouldn't the divergence in economic performance between high-debt areas and low-debt areas be far more clear?
但是即使这个观点有一些历史实例，但是这次由于负债，许多经济体的家庭消费仍然非常疲软。
But even if this argument is compelling in some historical cases, this time it seems that household spending in many economies will remain weak because of high levels of debt.
土耳其与欧元区一些负债累累的经济体不同，它相对安然地度过了金融危机。
Turkey, unlike some of the eurozone's heavily indebted economies, has weathered the financial crisis relatively well.
好在它未受到深度结构问题如过度负债的困扰，因为过度负债会导致几年的经济萧条。
But it is spared the deep structural problems, such as excessive debt, which could depress growth elsewhere for several years.
经济体已经在制定规则，削减的负债水平平均将近GDP的30%。
Economies that already had rules in place slashed debt levels by nearly 30% of GDP on average.
经济衰退已伤及负债过重的房屋业主和银行职员这些人。
This recession has already hurt people such as over-mortgaged home owners and bank staff.
与谨慎的经济负债相比财政乘数将可能在更高的经济负债中变得较低。
Fiscal multipliers will probably be lower in heavily indebted economies than in prudent ones.
与谨慎的经济负债相比财政乘数将可能在更高的经济负债中变得较低。
Fiscal multipliers will probably be lower in heavily indebted economies than in prudent ones.
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