欧洲金融稳定机制

人们对于欧洲金融稳定机制赎回主权债务的价格还存在争议，但是大部分认为该价格会向当前已然低于面值的市场价看齐。

The price at which the EFSF would pay for the debt is controversial , but most see it paying the current market price for the bonds , which is below face value .

赎回之后，欧洲金融稳定机制将不再计较债券的价格差额，并最终削减周边国家的债务，藉此让他们赢得喘息之机。

The EFSF would then forgive the difference in the value of those bonds , essentially giving the peripheral nations a haircut on their debt , allowing them time to get back on their feet .

修订后的欧洲金融稳定机制（EFSF）可以代替欧洲中央银行（ECB）购买希腊的债券，但很快便会碰到与芬兰要求希腊提供债券抵押同样的问题。

The revamped EFSF may then be able to take up the bond-buying task from the ECB and a problem may be found to the problem of Finland 's demand for collateral .

欧元区的金融援助基金欧洲金融稳定机制（EFSF）必须尽快向欧洲的银行注入资本。

The European Financial Stability Facility ( EFSF ), the euro zone 's bail-out fund , must carry out simultaneous injections of capital into the region 's banks as soon as it can .

但是，让欧洲金融稳定机制（efsf）贷款给西班牙银行资本重组基金（按西班牙语称为frob）的构想，无法通过这一测试。

But the idea for the European financial stability facility to lend money to the Spanish bank recapitalisation fund , known by its Spanish initials frob , does not meet this test .

如果需要进行资本重组，欧洲金融稳定机制将被用作工具。

The ESM would be the tool used if recapitalisation were to be required .

但是欧洲金融稳定机制买的是不良主权债务，不是问题银行的不良抵押资产。

But instead of buying bad mortgages off the books of crippled banks , the EFSF would buy bad sovereign paper .

欧洲金融稳定机制只有在其理事会一致同意改变规则的情况下，才能够直接给银行提供贷款，而德国反对这么做。

The ESM could only lend directly to banks if its board were to agree unanimously to change the rules , which is opposed by Berlin .