在欧洲金融稳定机构(EFSF)借贷范围扩大并运转之前，欧洲中央银行(ecb)将购买西班牙和意大利国债的最近决定视为权宜之计。

The European Central Bank (ECB) regards its recent decision to buy Spanish and Italian bonds as a stopgap until the expanded EFSF is up and running.

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因此，当意大利和西班牙的债券收益再次上涨(见图表)，只有一个机构有能力购买：欧洲中央银行。

So when Italian and Spanish bond yields jumped up again (see chart right) there was only one institution with the capacity to act: the ECB.

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最近一次欧元债务危机爆发是在今年夏初，威胁到意大利1.9万亿欧元的债务市场，欧洲中央银行出手干预，开始购买意大利和西班牙债券。

The last time the euro debt crisis flared up earlier in the summer, threatening Italy's 1.9 trillion euro debt market, the ECB stepped in and started buying Italian and Spanish bonds.

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