在小企业的主要街道上绝对不存在信贷紧缩。
There is no credit crunch on Main Street for small businesses.
所有这些都导致了大规模的信贷紧缩。
All of this has contributed to a tightening of credit everywhere.
因此信贷紧缩不仅会伤害公司同时也将波及普通居民。
The credit crunch will thus hurt not only companies but also households.
第一，持续性的信贷紧缩。
家庭信贷虽然收缩，但仍然强烈而且不会进一步紧缩。
The household credit squeeze, while still intense, may not be getting tighter.
此外，紧缩的信贷条件留给犯错误的余地也很小。
Moreover, tight credit conditions left little margin for error.
由于信贷紧缩，重新取得新的借债也变得很难。
It is difficult to roll over new debt, given the credit crunch.
而西方银行却因为信贷紧缩在这方面表现欠佳。
Western Banks, thanks to the credit crunch, are short of it.
紧缩的信贷也导致了消费水平下降。
信贷紧缩或许是引发危机的根源。
因此，信贷紧缩不会迅速缓解。
另一个因素是信贷紧缩。
最终，我们遇到了信贷紧缩。
信贷紧缩也给了他们机会。
因此一旦信贷进一步紧缩，高端支出也会收缩。
So if credit contracts further, high-end spending also will shrink.
会计经历了一个良性的信贷紧缩吗？
全球信贷紧缩带来的伤痛是公认的，信用恢复之路并不平坦。
The global credit crunch was universally painful. The recovery has been uneven.
然而，信贷紧缩可能改变这一部署。
However, the credit crunch could prompt a shift in that strategy.
同样，信贷紧缩的经济影响慢慢也会更加清楚。
So, too, the economic effects of the credit crunch will become more apparent over time.
另一项来自信贷紧缩的威胁也让他们吓破了胆。
美国的信贷紧缩情况有所减缓，但欧洲不然。
The credit squeeze has eased in America, but less so in Europe.
信贷紧缩将可能威胁经济。
信贷紧缩的原因不只是脆弱的银行。
小企业正遭受信贷紧缩。
随著全球信贷紧缩和股市下降的加剧，消费者的信心也在下滑。
Consumer confidence fell as the global credit squeeze and stock market decline intensified.
然而，多数公司都会对信贷紧缩不以为意。
But most companies will be able to shrug off the credit squeeze.
但它却不能抑制长期的信贷紧缩。
But it will do little to protect the economy from a prolonged credit squeeze.
但它却不能抑制长期的信贷紧缩。
But it will do little to protect the economy from a prolonged credit squeeze.
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