2015考研英语阅读西班牙及市场_大学英语阅读

2015考研英语阅读西班牙及市场

　　The European summit in late June offered a flicker of hope but it is guttering. Euro-arealeaders agreed that the European Stability Mechanism , their new permanent rescuefund, would be able to inject funds directly into banks rather than via loans to thegovernment. That perked markets up since it promised to sever the link between weakbanks and weak sovereigns. But before long the deal looked less solid: the ESM cannot comeinto force until September, when Germany s constitutional court will rule on its legality.Assuming it passes that test, the ESM cannot be used for direct bank recapitalisation until aEuropean supervisor is put in charge.

　　六月底的欧洲峰会为人们带来了一丝希望，但这个希望却正在逐渐破灭。欧元区领导人同意欧洲稳定机制新的永久救助基金，可以直接为各银行注入资金而无需通过政府。这个消息让市场振奋不已，因为它承诺断开脆弱的银行和脆弱的国家之间的联系。但没过多久这个协议便看起来不那么可靠：欧洲稳定机制直到九月才生效，到时德国宪法法庭会对其合法性进行裁决。即使这个机制通过了考验，在欧洲监督机构成立之前，它依然不能直接用来对银行进行资金重组。

　　Spain may yet be able to fend off a bail-out for some time. It has some cash reserves andcan still borrow at short maturities. The euro area also has its temporary rescue fund,which will lend the Spanish government the initial sum of money for the banks. But even ifSpain survives a hot summer, the markets are signalling that it will need a full bail-out laterthis year.