During the credit crunch, they have had more flexibility with capital and liquidity than their private-sector counterparts.

在信贷紧缩的时候，他们比私营产业的对手在资金和流动性上更为灵活。

youdao

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。

youdao

They now have much stronger capital bases than they did two years ago as the credit crunch began.

与两年前资本紧张导致的危机相比，他们如今拥有更强大的资本金基础。

youdao

Especially since it should have been clear that a capital crunch was coming.

FORBES: Dow Jones Interactive

While about half of the current market cap is in cash, the Q1 loss and the prospect of further losses ahead raise the specter of a capital crunch as the company invests in the new platform.

FORBES: RIM's Big FY Q1 Loss, BB 10 Delay Spur Multiple Downgrades

That suggests consumer spending will be lower and the cost of capital higher than before the crunch.

ECONOMIST: A ��new normal�� for the world economy