The last problem for peripheral countries trying to deflate their way to competitiveness is the biggest: debt.
对这些试图通过贬值来解决竞争力问题的边缘国家来说，最后一个问题也是最麻烦的问题，即他们的债务。
The most vulnerable peripheral countries — Portugal, Ireland and Greece — combine for only 6% of euro-zone GDP.
葡萄牙、爱尔兰和希腊这三个最脆弱的边缘国家一共只占欧元区GDP的6%。
But it also means that more trouble in peripheral countries could easily spread to the entire euro-zone economy.
但也意味着更多周边国家的麻烦可以轻易的扩张到整个欧元区实体。
But the other peripheral countries have it in their power to reduce debt, and eventually to finance themselves.
但其他周边国家有能力减持债券，最终为自身提供资金。
This was designed not so much to shield the peripheral countries from a market run as it was to "bail in" private lenders.
这样的设计显然不能够把边缘国家从市场泥淖中拯救出来，因为它会将私人贷款者来下水。
Consumer prices in peripheral countries have risen at a faster rate than in Germany since the start of the euro in 1999.
1999年欧元发行后，其邻国的消费物价的上涨速度快于德国。
That depends, in part, on the assumptions you make about what might happen if one of the peripheral countries were to default.
这取部分决于，假如周边国家中有一个不履行义务的话，你就其后果所作的设想。
This optimism is seen in lower European CDS and narrowing interest rate spreads between peripheral countries and German Bunds.
这种乐观呈现在欧洲低的CDS以及周边国家与德国国债息差缩小。
Firms are pulling deposits from peripheral countries' banks. This backdoor run is forcing banks to sell assets and squeeze lending;
各家公司正从秘密地欧元区边缘国家的银行撤资，这个举措迫使银行不得不卖掉其资产，并且收紧贷款条件。
The peripheral countries would hate that as much as the Germans and the Dutch hate the idea of subsidizing the sun worshipers to the south.
而一些周边国家不会喜欢这样，就像德国和荷兰不喜欢资助那些挥霍的南部国家一样。
In the euro zone, the debt woes that started in small peripheral countries have spread to much-bigger Spain, Italy and perhaps even France.
欧元区周边小国的债务危机已经开始蔓延到了更大的范围，从西班牙，意大利，甚至是法国。
And lower inflation in Germany means that, to close the inflation differential, peripheral countries will need a bout of outright deflation.
德国一国较低的通胀水平意味着，为了缩小通胀差距，边缘国家需要一次彻底的紧缩。
The peripheral countries of the euro zone borrowed in a currency that belonged mainly to Germany and the other core countries of the euro zone.
欧元区二线国家以欧元借贷，而欧元主要受德国和欧元区其他核心国家支配。
And it's equally unclear if the Germans and French are willing to permanently merge their balance sheets with those of the peripheral countries.
同样，德国和法国也不一定愿意和周边国家合并资产负债表。
So, forcing the creditors to take a hit will transfer the crisis from the public sector of the peripheral countries to the financial sectors of the core ones.
因此，迫使债权人遭受损失的话，将会导致外围国家的公共部门债务危机蔓延到核心国家的金融行业。
The key now is to restore confidence in their debt market to prevent contagion spreading from the small peripheral countries to the core euro zone economies.
现在的关键是要重振对欧洲债市的信心，防止危机从欧元区的边缘小国扩散至欧元区核心经济体。
Financial integration has been celebrated as one of the big successes of the euro.But it also means that more trouble in peripheral countries could easily spread to the entire euro-zone economy.
金融一体化被赞为欧元的巨大成功之一，但是这也意味着边缘国家的麻烦将会更多更容易地波及整个欧元区经济体。
Financial integration has been celebrated as one of the big successes of the euro. But it also means that more trouble in peripheral countries could easily spread to the entire euro-zone economy.
金融一体化被赞为欧元的巨大成功之一，但是这也意味着边缘国家的麻烦将会更多更容易地波及整个欧元区经济体。
Assuming a less-than-10% chance of all the peripheral countries leaving, and that when they did their currencies would fall by 30%, a prefunded scheme would need 154 billion Euro-198 billion.
假定所有边缘国家都退出欧元区的可能性低于10%，且他们一旦退出，他们的货币会贬值30%，那么这项预先拨款计划将需要1540- 1980亿资金。
Taking Kazakhstan, Russia, Uzbekistan, Turkmenistan, Kyrgyzstan and Tajikistan 6 peripheral countries as a research object, the first part has carried out research work as follows four aspects.
第一部分以哈萨克斯坦、俄罗斯、乌兹别克斯坦、土库曼斯坦、吉尔吉斯斯坦、塔吉克斯坦等6个周边国家为研究对象，开展了以下四个方面的研究工作。
This paper introduces the primary types and distribution of copper ores all over the world, and focuses on the investigation of the copper resources of Xinjiang province and peripheral countries.
介绍了世界铜矿床主要类型及其分布特征，并对我国新疆及周边国家铜矿产资源进行调查，结合我国铜资源现状及供需情况分析，说明我国铜矿产资源相对比较贫乏。
Most of the burden of a peripheral default would fall on Banks in the defaulting countries themselves.
违约的周边国家的大部分负担会自然而然地落在他们的银行身上。
Bond yields rose and stocks fell, stoking fears that Spain's attempt to "decouple" itself from the problems of other peripheral euro-zone countries may be in trouble.
债券收益率上升，股市下跌，激发了恐惧——西班牙试图与其他周边欧元区国家的问题“脱钩”本身可能带来麻烦。
Traders responded favourably to the deal: spreads tightened on the bond yields of peripheral euro-zone countries, compared with German Bunds.
交易商对此协定表示欢迎：同德国债券政策相比，周边欧元区国家也开始执行严格的债券市政政策。
Europe shows a familiar split between core countries and peripheral ones.
欧洲核心国和其它国家间出现了类似的分歧。
Europe shows a familiar split between core countries and peripheral ones.
欧洲核心国和其它国家间出现了类似的分歧。
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