The economist20120728双语精选.docVIP

经济学人中文网 经济学人中文网 The euro 欧元The flight from Spain 西班牙大撤退Spain can be shored up for a while; but its woes contain an alarming lesson for the entire euro zone西班牙尚能支撑一段时间；然而它的困境，包含着对于整个欧元区的警示Jul 28th 2012 | from the print edition??2012年7月28日| 印刷版THE worst nightmares are the ones you cannot wake up from. Just ask Spain. A year ago the cost of Spanish government borrowing soared as euro contagion spread from Greece, Ireland and Portugal. Panic seemed to subside with central-bank intervention and the promise of a new reforming government in Madrid. Since then Spain has, broadly, been as good as its word and Mariano Rajoy’s government has cut budgets, freed its labour market, played its part in countless “make-or-break” summits in Brussels and secured up to €100 billion ($121 billion) to prop up its banks. Yet despite all its efforts and pain, Spain cannot shake off that sense of doom. On July 25th the yield on ten-year bonds touched a euro-era record of 7.75%. Two-year bonds have climbed above 7%: investors fear that Spain must soon ask for a bail-out—or default.那些你无法从中醒来的噩梦是最恐怖的。只需问问西班牙便可得知。一年前，当欧元危机自希腊，爱尔兰以及葡萄牙蔓延之时，西班牙政府的借款成本飙升。随着央 行的资金投入以及政府在马德里关于新的改革的许诺，恐慌似乎减弱了一些。宽泛而言，自那时起，西班牙信守承诺， 马里亚诺?拉霍伊政府的削减预算，解放国内劳工市场这些措施在无数多个于布鲁塞尔举行的“成王败寇”的峰会上发挥了重要作用，并且由此取得了多达1000 亿欧元（1210亿美元）的资金来支持国内银行。然而，尽管所有的这些艰辛和痛苦，都无法使西班牙摆脱厄运的感觉。7月25日，十年起债券的收益率创下了 欧元时代7.75%的纪录。两年期的国债已经攀升至7%：投资者们担心西班牙不久就会请求纾困援助，或食言不履行义务。Spain’s nightmare is a symptom of what is wrong with the entire euro zone. As the months drag on, the crisis is deepening. Europe’s leaders have asked the world to trust that they will do what it takes to save the euro. They have also pleaded for more time to sort out the mess. Their task is indeed immense, but as they disappear to their chateaux and beach villas, trust is draining away and time is not their friend.西班牙的噩梦，也是整个欧元区的失常症状。几个月过去了，危机正在加剧。欧洲领导人们要求世界相信他们会不惜一切代价挽救欧元。他们还呼吁需要更多的时间 来收拾这个烂摊子。他们的任务确实艰巨无比，然而当他们消失在自己的城堡以及海滩别墅中时，对其的信任便日益消逝，时间也不再为其垂青。The bull and the horns??公牛和牛