But under the European plan, the only backstop is the principal in the EFSF.
但在欧洲的计划中，唯一的后盾是EFSF的本金。
Furthermore, Germany doesn't seem too keen on expanding the size of the EFSF.
此外，德国对于扩大EFSF的规模似乎兴致不高。
In any case, the EFSF must be authorised to make secondary-market bond purchases.
无论如何都必须授权EFSF在二级市场上购买债券。
The ECB would provide leverage, but any initial losses would be borne by the EFSF.
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。
How to expand the EFSF again is at the heart of the troubles vexing European leaders.
如何实现EFSF再次扩容是最让欧洲领导人头疼的事情。
The credit rating of the EFSF, which rests on the six AAA countries, would be at risk.
欧洲金融稳定安排的信用评级建立在六个AAA评级国家基础上，因此，也会遭受威胁。
Eventually, the markets will have to contend with what happens after the EFSF is tapped out.
最终，市场将不得不考虑EFSF用尽之后将会出现的局面。
The EFSF could guarantee to buy, at a floor price, short-term bonds from programme countries.
EFSF可以保证按底线价格从该计划涵盖的国家购买短期债券。
The 16 other euro-zone countries hadalready ratified the EFSF deal by the time Slovakia voted.
斯洛伐克投票时，欧元区其他16个国家已经批准了稳定议案。
The EFSF will be able to purchase the bonds of rescued governments when they are newly issued.
欧洲金融稳定机构将会购买那些需要援助国家新发行的债券。
The deal announced last week would have the ECB transferring those bond-buying duties to the EFSF.
上周公布救助方案后，欧洲央行购买债券的职责将移交给EFSF。
The rescue fund, the European Financial Stability Facility (EFSF), is far too small to be credible.
救援基金名为欧洲金融稳定基金（EFSF），其规模过小，不太可靠。
Italy's funding needs this year alone is projected to be 425 billion euros - nearly the entire EFSF.
仅今年一年，意大利的资金需求预计将达到4,250亿欧元——几乎相当于整个EFSF全部的资金数量。
But to do that effectively, the EFSF will need to increase the amount of money it can spend in the fund.
但为了保证效率，EFSF需要增加可用于该基金的资金数量。
France wanted to draw on the EFSF, both to present the problem as European and to share the cost with Germany.
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。
To be sure, eurozone leaders did widen the EFSF some but refused other bigger expansions during a summit in July.
毫无疑问，欧元区领导人确实在某种程度上扩大了欧洲金融稳定基金，但在7月份举行的峰会上，他们拒绝了更大胆的扩充方案。
The EFSF simply doesn't have the ability to absorb that much debt and support the rest of the euro zone periphery.
EFSF根本没有能力消化这么多债券，同时支持欧元区其他边缘国家。
That's why EU leaders agreed last month to transfer this role to the European Financial Stability Facility (EFSF).
因此，欧盟领导人在上个月同意将干预债券市场的职责转交给欧洲金融稳定机构（European Financial Stability Facility）。
The EFSF will issue bonds that are ultimately backed by the credit ratings of the 17-member nations of the euro zone.
EFSF将发行债券，支撑这些债券发行的是欧元区17个成员国的信贷评级。
When the ECB restarted the programme in August, it made clear it was a stopgap until the EFSF assumed responsibility.
8月欧洲央行重启购买计划时，它明确表示只是个权宜之计，只到欧洲金融稳定基金承担责任时。
But the EFSF still is not authorized to make any purchases — the plan must be approved by every euro member's parliament.
但EFSF依然未获得进行交易的授权——购买计划必须获得欧元区所有成员国议会的批准。
Since the EFSF is too puny to do the job it has been given, the solution might appear obvious: to bulk it up still further.
相对被赋予的责任而言，EFSF太过渺小，可能会出现的解决方案显然是：进一步扩张EFSF。
That is why the immediate focus of debate is on how to gear up the EFSF so that even with its limited resources it could do more.
这就是为什么当前争论的焦点是如何改善EFSF，使其在有限资源下，发挥更大的作用。
That is why the immediate focus of debate is on how to gear up the EFSF so that even with its limited resources it could do more.
这就是为什么当前争论的焦点是如何改善EFSF，使其在有限资源下，发挥更大的作用。
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