如果说证券市场在其哨兵角色上犯了错，把希腊主权债务当成了德国的，那欧洲央行在取得抵押品以借贷给银行时也犯了这个错误。
And if bond markets failed in their vigilante role by treating Greek sovereign debt as if it were German, the ECB did just the same when it came to the collateral it accepted for lending to Banks.
以出让、租赁方式取得土地使用权的，在土地出让、租赁年限内可以依法转让、转租、抵押。
The investors who obtain the right to use the land in the form of remising, renting can demise, sublease, pledge to other people legally during the fixed number of year.
新的抵押贷款也许无法支应到期时的全数款项。但这不应让借款人免于投入更多本金或取得过渡贷款以填补缺口。
A new mortgage might not cover the full payment due at maturity. But that shouldn't relieve a borrower from kicking in more equity or obtaining a mezzanine loan to fill the gap.
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