(单词翻译:单击)
When Europe's been peppered with uncertainty the whole year. And Monti was always a technocratic government that came in with a specific mandate. Then of course, Italy's a democracy, said you will step aside and there's an election. Could come back as a politician. Maybe not. I think the fear is who could replace him. But I think he's done an excellent job and he's steadied the ship. But he did say he would step aside after a year, done certain measures.
今年一整年内欧洲经济充满不确定性因素。蒙蒂政府是临危受难，肩负特殊使命的技术专家政府。当然，意大利是一个民主国家，蒙蒂即将辞职，将进行新的一轮选举。这一次可能是由政治家来担当此重任吗？可能不会。我想，人们担心的是，谁能够取代蒙蒂？因为我认为，他的工作非常出色，稳定了局势。但是他曾说过，在采取了一定措施后的一年后他要辞职。
Now here's the question. Is it the issue of Monti stepping aside when he was sort of the steady hand on Italy's unsteady finances, if you like? Or is it respective Berlusconi coming back that really has people worried? Because the bond markets, we see the yield rising on the 10-year Italian bonds as it seems that stock markets plummet in Milan.
现在的问题是，蒙蒂目前已成为意大利不稳定财政的坚定领导人时，他真的要退出政府吗，你希望这样吗？或者，人们真正担心的是贝卢斯科尼再次掌权。因为，虽然债券市场的10年长期意大利国债收益正在增加，米兰的股票市场看起来却在大幅下跌。
Yes, but it's a one-day wonder that you saw the euro come off this morning, bounced right back. These markets are incredibly volatile and there's not much to do. So people are obviously to sell the story. Yes, of course, there's a few of them may replace him. Technocratic government did what the markets liked, gave us certainty but as I said, this is a democracy and democracies create uncertainty. And so who'll replace him? We don't know. But I think this big story moves on to Spain, the ESM and whether the ECB's going to start printing or not.
是的，但是这只是一天的奇迹，今早欧元开始好转，有所反弹。毫无疑问，市场是易变波动的，有时候，人们有心无力。因此，人们很容易被说服，是的，当然能取代蒙蒂的人不多。技术型政府可以采取任何市场喜欢的措施，给我们带来确定性。但是，如我已经说过的，这是一个民主国家，民主就会产生不确定性。因此，对于，谁能取代蒙蒂，无人所知。但是，我认为，现在欧洲现在的大问题已经转移到了西班牙，额外西班牙货币以及欧洲中央银行是否启动印制？
OK. Now that's an interesting one. 2013 looming as I was saying before. Does that mean we're going to have a full-on Spanish bailout in the early months of next year?
是的。是让人感兴趣的问题。2013将至，这是否意味着，明年的最初几个月，将进行西班牙全面救市？
I think could come even late this year. I think if it wasn't for the fiscal cliff and the market changing its focus over tension onto the US, we would have pressurized already Spain into coming to the ESM, which as you know, ESM stands for Extra Spanish Money. So it shouldn't be a surprise when they confirm.
我想可以要到明年晚些时候。我认为，如果不是到财政悬崖，以及市场将压力焦点转向美国，我们不会迫于压力，让西班牙采用额外西班牙货币，你知道，ESM的意思。如果此事得以确定，也在意料之中。
Rather the European stability.
只要欧元区能够稳定。
Yes, absolutely.
是的，绝对如此。
Might even have gotten lost in the alphabet soup already that EU’s created to try and solve the eurozone crisis. Well, what about credit rating cuts for some of these countries, notably just going back to the issue of Italy and the face of so much uncertainty? This is going to make it very difficult for these countries to try to cut their enormous amount of debt of debt-to-GDP, cut their budgets. And if they do get downgraded, will their debt becomes more expensive.
也许问题都能够在这一缩写词语中得到解决，欧盟创造该词语以试图解决欧元区危机。不过，这几个国家的信用评级下调情况如何？特别是，刚才谈到的意大利问题，我们又如何面对这么多不确定性？这些国家试图减少债务率（债务占国内生产总值的比重）债务以及减少预算，都将变得非常艰难。如果他们的信用评级下调，那么他们的债务将变得格外昂贵。
Well, not in the case we've seen of France. They got downgraded with, again, a one-day wonder. They sold off and French yields are straight back down again. The problem is if your debt-to-GDP starts rising but you think austerity's the answer, and you do austerity but growth starts to plummet, then you need more austerity and then growth goes down. And that's the Greek situation we’ve got ourselves in for. So I'd say just ignore the rating agencies and try to do the right thing. Get growth going and don't overdo the austerity.
是的，不过我们看到法国的情况例外。法国被降级了，不过这也是一天之内的奇迹。他们的股票低价抛光，法国再次收回了收益。问题在于，如果债务率开始上升，但是你却认为只有采取紧缩政策，并且你实施了紧缩政策，但是增长急剧下降，于是，你需要采取更多的紧缩，增长继续衰减。这就是我们让自己陷入希腊危机的原因所在。因此，我宁愿大家暂时忽略评级机构，而专注于做正确的事情：让经济增长，不要过于倚重紧缩政策。
