Plunging bond yields are not grounds for great cheer. In part, they reflect a fearful retreatfrom riskier equities and an expectation that low interest rates as a medicine for a sick globaleconomy will be around for a while. But the chancellor of the exchequer, George Osborne, hasbeen quick to claim that the drop in the governments borrowing costs indicates the marketsconfidence in his deficit-reduction plan.
债券收益率下降,可别高兴的太早。从某种程度上说,这是人们纷纷从高风险股撤退的危险征兆,也说明希望以低利率解决全球经济萎靡的呼声将会持续一段时间。但是财政大臣乔治?奥斯本已迅速声明政府借贷成本的下降表示的是市场对政府削减赤字计划的信心。
There is something to this. In early 2010, even as the euros debt crisis was building, Britainsbond yields were on a par with those of Spain, which has a similarly large budget deficit butsmaller public debt. Their paths have since diverged . Bond markets, it seems,have taken a more clement view of Britain than of Spain, even though GDP has risen by only0.7% in the past year in both countries. Mr Osbornes plan, first unveiled in June 2010, hashelped distance Britain from fiscal troubles in the euro zone. It may, of course, simply be thatthe fetters of euro membership alarm investors more than red ink.
有这样一种说法。早在2010年,即使是在欧元债务危机已经爆发的情况下,英国债券收益率与西班牙仍是持平,不过之后两国收益率的差异也日益明显;当时英国与西班牙拥有同样的巨额预算赤字,但西班牙的国债规模较小。尽管两国去年的GDP增长都只有7%,可债券市场对英国的态度似乎要比西班牙更温和。奥斯本先生在2010年7 月首次公开的计划使得英国规避了欧元区的财务纠葛。也许简单来说欧元对于其成员的束缚,比起英国的财政赤字,是让投资者更为担忧的对象。
【2015考研英语阅读只要人民高兴】相关文章:
最新
2016-10-18
2016-10-11
2016-10-11
2016-10-08
2016-09-30
2016-09-30