A country lacking short-term liquidity would be loth to approach the IMF for a loan under the "stand-by arrangement", the mainstay of the IMF's crisis lending.

一个缺乏短期流动性的国家可能不愿向国际货币基金组织寻求“备用信贷协议”——IMF 危机贷款的中流砥柱。

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The mechanism distinguishes a “solvency” crisis from a “liquidity” one, with bondholders in insolvent countries expected to take the brunt of losses, but does not come into force until 2013.

欧洲稳定机制将支付能力危机同流动性危机区分开来；破产国家的债券持有人预计要分担损失，但此项规定到2013年后才会生效。

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A punitive stance increases the stigma of being short of liquidity and encourages Banks to hoard cash, making the crisis worse.

惩罚性措施会增加短缺流动资金的耻辱，鼓励银行囤积现金，使得危机更加恶化。

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We also indicated that we acknowledged the role performed by central banks of different countries, and more particularly, in the recent past, the role of the European Central Bank, the role performed to the effect of ultimately preventing a liquidity crisis of substantial proportions, which would thus affect all countries adversely.

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This reality, which was much in evidence in the recent case of the Mexican tesobonos, tends to create an incentive on the part of Western governments to intervene in the event of a liquidity crisis that threaten to harm scores of prominent firms and possibly thousands of investors.

CENTERFORSECURITYPOLICY: Center For Security Policy

"There is a possibility that the company could face a liquidity crisis in the first half of next year, " said Henry Diamond, a diversified services analyst with Credit Suisse First Boston.

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