Second, the ECB could induce commercial banks to seek a swift agreement by refusing to accept “old” bonds as collateral.

第二，欧洲中央银行应该引导商业银行寻找达成快速的一致意见，从而拒绝接受“旧”债券作为抵押物。

youdao

That has a side effect: The European Central Bank has made clear it wouldn't accept defaulted bonds as collateral for its lending operations.

这样会产生一个副作用：欧洲央行已明确表示，在它提供贷款时，不会接受违约债券作为抵押。

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Anxious about the supply of credit to firms, the bank of Japan agreed on December 2nd to accept riskier corporate bonds as collateral when it lends to commercial Banks.

因为担心对公司的信贷供应，日本央行12月2日同意向商业银行贷款时接受高风险公司债券作为担保。

youdao

For promising to provide liquidity should capital suddenly flee, the banks charge Argentina a fee and demand Argentine bonds as collateral.

ECONOMIST: The perils of global capital

There were also concerns about Greece's finances, as the European Central Bank said that it would reject Greek government bonds as collateral.

WSJ: Hang Seng Tumbles

It would also make it harder to use its bonds as collateral when borrowing cash, short term, from the European Central Bank.

FORBES: Europe Markets Brief