通过集体行动条款来再一次救援银行体系，等到2013年之后再“捞出”主权债务持有者，在这中间存在着矛盾之处。
There is something inconsistent in bailing out the banking system once again and then "bailing in" holders of sovereign debt after 2013 by introducing collective-action clauses.
第二次世界大战的灾难，加之国家在几十年间被限制主权，教会了德国人崇尚软权力与多元主义的价值。
The catastrophe of the second world war, and decades of living with limited sovereignty, taught the Germans the virtues of soft power and multilateralism.
宏观基金需要应对欧洲的主权违约、中国的繁荣、二次探底风险、以及美国量化宽松之类的国家市场干预。
They are confronted by sovereign defaults in Europe, China's boom, the risk of a double dip and state intervention in markets, not least quantitative easing in America.
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