首先，前景不明朗，尤其是欧洲稳定基金讲如何利用1万亿欧元。
First, it is not clear yet precisely how the EFSF will be leveraged to 1 trillion euros.
欧洲稳定基金这一长期救援机制协议已有草案，并于昨晚晚些时候泄露。
The draft agreement for the ESM long-term rescue facility has been written and was leaked late last night.
在此之前，法国财长拉加德对媒体表示，欧盟官员将考虑扩展欧洲稳定基金的规模和范围。
Earlier, French finance minister Christine Lagarde told reporters that EU officials would consider plans to extend the size and scope of the EFSF rescue fund.
欧盟财长会议于1月17日落幕，在增加7500亿欧洲稳定基金规模等问题上没有达成公司。
Euro-area finance ministers meeting late on Jan. 17 ruled out increasing the size of the 750 billion-euro EFSF for now.
为什么不用被大肆宣扬的稳定基金作为抵押以实施欧洲布雷迪债券计划？这项计划终止了主权债务危机发生的可能性。
Why not use the much-heralded stability fund as collateral for a European Brady bond plan that puts an end to the sovereign debt saga?
救援基金名为欧洲金融稳定基金（EFSF），其规模过小，不太可靠。
The rescue fund, the European Financial Stability Facility (EFSF), is far too small to be credible.
救助基金，也就是欧洲金融稳定基金，预期将为债券购买者的部分损失提供赔付金。
The rescue fund, known as the European Financial Stability Facility, is expected to offer insurance against part of the losses on bond purchases.
特别是，它没能进一步提高单一货币基金——欧洲金融稳定基金(EFSF)的贷款能力。
In particular, it failed to increase further the lending capacity of the European Financial Stability Facility (EFSF), the single currency's rescue fund.
葡萄牙无疑接近如此境地：它别无选择，唯有寻求欧元区救援基金“欧洲金融稳定机构”的援助。
Few doubt that Portugal is close to the moment when it has no alternative but to seek assistance from the European Financial Stability Facility (EFSF), the euro-zone's bail-out fund.
欧洲金融稳定机构，欧元的应急基金，必须尽可能快的同时注入资金给地区银行。
The European Financial Stability Facility (EFSF), the euro zone's bail-out fund, must carry out simultaneous injections of capital into the region's banks as soon as it can.
毋庸置疑，葡萄牙即将别无选择从而向欧洲金融稳定基金求助(欧元区的救助基金)。
Few doubt that Portugal is close to the moment when it has no alternative but to seek help from the European Financial Stability Facility (EFSF), the euro zone's bail-out fund.
欧洲金融稳定基金（EFSF）的日渐成熟让它能提供IMF式的预警信用额度。
The beefing up of the European Financial Stability Facility (EFSF), which will allow it to provide IMF-style precautionary credit lines, will help.
预期计划会包括把欧洲的主要救援基金——现在4400亿欧元欧洲金融稳定基金(EFSF)扩大到原来的四倍。
The package is expected to involve a quadrupling - from the current projected level of 440bn euros - in the firepower of Europe's main bailout fund, the European Financial Stability Facility (EFSF).
但是如果爱尔兰最终被迫从欧洲金融市场稳定基金借款，这家基金可能发现很难施加比它现在已经提出的更为严厉的条款。
But if Ireland were eventually forced to borrow from the EFSF, the fund might find it hard to impose conditions harsher than the ones it has volunteered for already.
如果意大利和西班牙的市场持续动荡，欧洲的央行行长急需稳定基金接过购买国债的责任。
Europe's central bankers are desperate for it to take over the bond-buying duties if markets stay skittish over Italy and Spain.
法国希望借由欧洲金融稳定基金将之变为欧洲性的问题并让德国共同承担损失。
France wanted to draw on the EFSF, both to present the problem as European and to share the cost with Germany.
也就是说一旦法国信用评级下降——市场最近正在担忧——欧洲金融稳定基金(EFSF)的放贷能力会大打折扣(或其AAA的信用评级下降)。
This means that if France were to lose its top credit rating-the latest fear in the markets-the EFSF would lose a big chunk of its lending capacity (or its AAA rating).
其中普遍讨论的一种选择是，由欧洲金融稳定基金来保证那些国家及不乐意发行的任何国债的第一次20%的损失。
One widely discussed option is for the EFSF to guarantee the first 20% loss on any new bonds issued by countries under pressure.
不过，越来越多的人担心一旦像西班牙和意大利这样重要的国家失去市场信任，滑向破产边缘时，欧洲金融稳定基金根本无力提供足够资金。
But there is growing scepticism that the EFSF can fill the funding gap if countries as significant as Italy and Spain completely lose the confidence of markets and hover near bankruptcy.
欧洲央行可以提供杠杆，但是最初的损失将由欧洲金融稳定基金承担。
The ECB would provide leverage, but any initial losses would be borne by the EFSF.
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.
一种方式(马斯特里赫特条约下合法性可疑)让欧洲金融稳定基金从欧洲央行借钱，但央行的反对使这一建议搁浅了。
One possibility (of doubtful legality under the Maastricht treaty) was for the EFSF to borrow from the ECB, but opposition from the central bank seems to have killed it off.
这个月，它将考虑通过立法手段批准扩大欧洲金融稳定基金（EFSF）的职权。 欧洲金融稳定基金是一个旨在帮助负债的欧元区国家的临时性基金会。
This month it will consider legislation to approve expanded powers for the European Financial Stability Facility (EFSF), a temporary fund for helping the indebted euro countries.
这应提到欧洲金融稳定基金。
A case in point is the European Financial Stability Facility (EFSF).
所谓的欧洲金融稳定基金是临时性机制，可能从2013年起开始管理欧盟各国的国债。
The so - called ESM may govern European Union sovereign bonds from July 2013.
而已提出的增加主要纾困基金“欧洲金融稳定基金”（European Financial Stability Fund）的援助力度将不足于保护将要破产的意大利，而近几周来它已经在威胁要这样做了。
The proposed increase in the firepower of the main bail-out fund, the EFSF, will not be enough to protect Italy should it go under, as it has threatened to do in recent weeks.
只要双方摒弃伪装及特定的预算赤字削减目标，它们就能达成一致，欧洲救助基金即可用来稳定爱尔兰的银行业。
If only both sides gave up posturing, they would agree that the European rescue funds should be used to stabilise Ireland's Banks, insisting only on certain budget targets in return.
只要双方摒弃伪装及特定的预算赤字削减目标，它们就能达成一致，欧洲救助基金即可用来稳定爱尔兰的银行业。
If only both sides gave up posturing, they would agree that the European rescue funds should be used to stabilise Ireland's Banks, insisting only on certain budget targets in return.
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