德国认为为了拯救欧元，必须出台更加严厉的政策。这些政策约束着借款，支出以及竞争性方面。

Germany thinks the euro must be saved by stricter rules on borrowing, spending and competitiveness, backed by quasi-automatic sanctions for governments that stray.

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不过，这些国家将会发现，他们的借款能力因为投资者纷纷避险而受到约束，这也推高了富裕国家的公债。

But many will find their ability to borrow constrained by investors' flight from risk-and the surge in public debt in the rich world.

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各贷款提款均构成借款人的合法、有效及有约束力的义务，且均必须按照本协议之条款进行偿还。

Each Utilisation of the Loan shall constitute a legal, valid and binding obligation of the Borrower, repayable in accordance with the terms of this Agreement.

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