Even if Europe's Banks don't face a liquidity crunch, a drop in the value of sovereign bonds would severely deplete their capital, forcing them to halt new lending.
即使欧洲银行不会面临流动性紧缩问题，如果其持有的主权债券贬值，其资本仍将严重下降，这将迫使它们停止发放新贷款。
That is unlikely to spur the confidence necessary to get investors to jump start the European sovereign bond markets and encourage Banks to increase lending.
这样的规模不太可能在投资者中激发起必要的信心，让他们重新投身于欧洲主权债券市场，也无法鼓励银行增加放贷。
And if bond markets failed in their vigilante role by treating Greek sovereign debt as if it were German, the ECB did just the same when it came to the collateral it accepted for lending to Banks.
如果说证券市场在其哨兵角色上犯了错，把希腊主权债务当成了德国的，那欧洲央行在取得抵押品以借贷给银行时也犯了这个错误。
And if bond markets failed in their vigilante role by treating Greek sovereign debt as if it were German, the ECB did just the same when it came to the collateral it accepted for lending to Banks.
如果说证券市场在其哨兵角色上犯了错，把希腊主权债务当成了德国的，那欧洲央行在取得抵押品以借贷给银行时也犯了这个错误。
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