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老河口市妇幼保健中医院男科咨询襄阳医院妇科在哪里襄阳4个月可以做人流吗 Finance and economics财经商业The euro crisis欧元危机Debtors prison负债人的监狱The euro zone is blighted by private debt even more than by government debt欧元区饱受私人债务的困扰,其程度甚至超过政府债务THE European Central Bank announced this week how it will undertake a root-and-branch examination of banking assets before it takes charge of supervision in the euro area late next year.欧洲央行在本周宣布了它们在明年年底接管监督欧元区之前如何对资产进行彻底的检测。One aim of the exercise is to identify the bad debts that are fouling up euro-zone banks and preventing the flow of new credit.演习的目的之一是要找出那些使上涨欧元区结垢和妨碍新的信贷流动的坏账。This is important because parts of the single-currency area are crippled not just by public borrowing but by private debt, most of which is sitting on banking books.这是很重要的,因为造成部分单一货币区残缺的不只是因为公共借款,更是因为私人债务,而且其中大部分是坐在账户。Throughout the euro crisis, tough austerity programmes have been aimed at tackling sovereign debt.在整个欧元区危机中,严厉的紧缩计划旨在应对主权债务。That German-inspired focus is badly misplaced.德国风格的焦点是严重错位的。High private debt is more detrimental to growth than high public debt, according to recent research by the IMF.根据国际货币基金组织最近的研究,高额私人债务比高额公共债务更不利。Indeed the IMF study finds that excessive sovereign debt reduces growth only when household and corporate sectors are heavily indebted too.事实上,国际货币基金组织的研究发现,只有当家庭和企业部门都负债累累的时候,过多的主权债务才能减少增加。The malign effect of high private debt becomes apparent in the busts that follow credit-driven booms.高额私人债务的恶性影响逐渐变得明显,随之而来的是信贷驱动的蓬勃发展。Households that have borrowed too much in relation to their income trim their spending, the main component of GDP.许多家庭为了平衡他们的收入和出已经借了太多的债务,这些也是国内生产总值的主要成分。Overleveraged firms avoid investing and concentrate on shrinking their balance-sheets by paying off loans.过度杠杆化的公司为了避免投资,正在集中精力收缩其资产负债表,还清贷款。As bad debts erode their capital, banks become more reluctant to lend.由于坏账侵蚀其资本,越来越不愿意放贷。These adverse trends reinforce each other, increasing the overall drag on growth.这些不利趋势互为因果,在整体上拖累经济增长。Figuring out the point at which debt becomes excessive is not an exact science.弄清楚债务变得过大的原因不是一门精确的科学。The European Commission, which now has the job of monitoring any emerging macroeconomic imbalances, uses a figure of 160% of GDP for private debt—what households and non-financial companies owe in the form of loans and debt securities such as corporate bonds.欧盟委员会,现在负责监测任何造成宏观经济失衡的因素,得知现在私人债务占国内生产总值的160%—家庭和非金融公司的欠款以贷款及债务券的形式,如企业债券。That looks conservative: it happens to be the prevailing level in both America and the euro area as a whole.这看起来很保守的:它正好体现了美国和欧元区作为一个整体的当前水平。A more realistic trigger for concern might be 200% of GDP.现实可能更引起关注,因为它可能是GDP的200% 。On this basis, eight countries of the 17 that share a common currency look vulnerable.在此基础上,17个国家中的8个共享一个共同的货币的理由看起来更加脆弱。Of the eight, Belgium and Luxembourg are less worrying than they might appear because their corporate debt is swollen by the presence of multinationals and includes a big chunk of inter-company lending.在八个国家中,比利时和卢森堡没有看起来的那么令人担忧,因为大型跨国公司和公司间借贷的存在使他们的企业债务膨胀。But that does not apply to the Netherlands, where private debt is over 220% of GDP mainly because households owe so much.但是,这并不适用于荷兰,私人债务占国内生产总值的220%以上,主要是因为家庭私人借贷。In tiny Malta it is nearly 220%.而在微小的马耳他,数字接近220 % 。Private debt is also high in four countries that have had to be bailed out: in Cyprus and Ireland it is over 300% of GDP; in Portugal it is 255%; and in Spain 215%.在其他四个国家私人债务也很高:在塞浦路斯和爱尔兰国占内生产总值的300%以上,在葡萄牙是255%和在西班牙是215%。In all but one of the eight countries a majority of the private debt is corporate.但所有八个国家中的大部分私人债务是企业借贷。This preponderance of company borrowing is most extreme in Luxembourg, but also notable in Ireland whose debt is also affected by the presence of multinational firms; even so, Irelands household debt alone is over 100% of GDP.这种公司借贷的优势最明显的是卢森堡,不过爱尔兰的债务也明显受到跨国公司存在的影响,即便如此,在爱尔兰,家庭债务就超过GDP的100% 。The Netherlands is the only country where the majority of debt is personal: its household debt is 128% of GDP.荷兰是唯一一个大部分债务是个人的国家,其家庭债务占国内生产总值的128 %。Although Italy has the second-highest sovereign debt in the euro area, it does not feature among the countries with excessive private debt.虽然意大利在欧元区主权债务数量上居于第二,但它的私人债务并不过多。Its firms owe somewhat less than the euro-zone average and Italian household debt is especially low.其公司的借贷稍低于欧元区平均水平,而且家庭债务尤其低。But monitoring the ratio of debt to GDP is not the only measure of vulnerability.但监测的债务占国内生产总值的比例,不是衡量标准的唯一漏洞。For non-financial companies, an important indicator of fragility is a high ratio of debt to equity; and on this measure Italian firms, especially the small and medium-sized ones, are particularly stressed.对于非金融类公司,脆弱性的一个重要指标是债务与权益比率高,意大利企业,尤其是小型和中型的,对这一点措施特别强调。Other balance-sheet indicators also suggest that Italian business is in a bad way.其他资产负债表指标也表明,意大利的商业形式是在糟糕的。For example, 30% of corporate debt is owed by firms whose pre-tax earnings are less than the interest payments they have to make.例如,30%的企业债务是因为公司的税前盈利低于要付的利息。That share of frail companies is even higher in Spain and Portugal.在西班牙和葡萄牙的一些公司中份额甚至更高。But Italys plight is in stark contrast to the situation in France and Germany, where little more than 10% of corporate debt is owed by such weak performers.但是,法国和德国的处境与意大利的困境完全相反,他们几乎没有高于10 %的企业债务拖欠的情况。Italian firms have been hurt by the erosion of their competitiveness within the euro zone.意大利公司在欧元区内已经因竞争力受到侵蚀而受伤。Little progress has been made to lighten the private-debt burden since the crisis began.从危机产生开始,为减轻私人债务负担所做的努力已经小有进展。Though it eased in Spain from 227% of GDP in to 215% in 2012, it rose over the same period in Cyprus, Ireland and Portugal.虽然将西班牙从年占国内生产总值的227%减少至2012年的215 % ,但在塞浦路斯,爱尔兰和葡萄牙较上年同期仍然上升。In Britain, by contrast, private debt fell from 207% of GDP in to 190% in 2012 thanks to improvements by both households and firms.相比之下,在英国,私人债务从年占国内生产总值的207 %下降至2012年的190%,无论是家庭还是企业都有所提高。Getting debt down has proved intractable because the economic climate has been so unforgiving.债务下降已经被明是棘手的,因为经济气候一直这么无情。Debt burdens automatically become lighter as money incomes rise.债务负担,随着收入上升而减轻。But that has not been the case in economies hit by a double-dip recession and hurt by prices that are close to deflationary levels.但是这并没有因二次衰退的打击和价格的伤害而接近通缩的水平。There is an inherent contradiction between the need for debtor countries in the euro zone to regain competitiveness through lower prices and at the same time to ease excessive debt with a dose of inflation.在欧元区的负债国家,有一种通过低价重获竞争力和同时舒缓膨胀减少过度借贷的内在的矛盾。Even in a better economic climate, though, southern Europe would be bad at writing down debt.不过,即使在一个更好的经济气候下,欧洲南部在债务上也不能做得更好。Corporate insolvencies have increased sharply but from low levels.低层次的企业破产大幅增加。Social attitudes frown on debtors, who are usually pursued through the courts in a long and costly process.债务人得不到社会的认可,通常是诉诸法院的一个漫长而昂贵的过程。Insolvency laws have recently been reformed in several countries.最近几个国家已经重新修订了破产法。The Portuguese government, for example, has made it easier for debt to be restructured outside the courts.例如,葡萄牙政府采取措施使法院以外的债务重组更为容易。But the reforms often fail to work.但改革期间往往不能正常工作。The Spanish law is intended to promote restructuring of viable firms but in practice most insolvencies end in liquidation after lengthy court proceedings.西班牙的法律是为了促进可行的企业重组,但实际上,大多数企业在冗长的法庭诉讼程序结束后依然清算破产。The cultural stigma of a bankruptcy remains: potential entrepreneurs in countries like Italy and Spain worry more about failure than they do in Britain and America.破产的耻辱在文化上的仍然存在:有潜力的企业家在像意大利和西班牙这样的国家比在英国和美国更担心失败。Dutch discouraged绝望荷兰High household debt helps explain why the Netherlands, along with Italy and Spain, remained in recession in the second quarter of 2013 even as the euro area in general embarked on recovery.高家庭债务有助于解释为什么既意大利和西班牙之后,同样位于欧元区的荷兰在整体复苏之后在2013年的第二季度依然处于衰退状态。Dutch GDP this year will be 2% lower than in 2011 and more than 3% below its previous peak, in 2008.荷兰国内生产总值今年将比2011年低2%,比2008年的高峰下降了3%以上。Though this loss of output is dwarfed by that suffered in southern Europe, it illustrates the malign effect of high debt when house prices fall—recent declines have been close to those in Spain.虽然这与欧洲南部遭受的产出损失相比是相形见绌,但它说明房价下跌给高额负债造成了恶性影响,近期的跌势已经接近那些在西班牙的高额债务。That has pushed a quarter of Dutch homeowners into “negative equity”: their houses are worth less than their mortgages.这将使四分之一的荷兰房主成“负资产”持有者,因为他们的房屋价值低于他们的抵押贷款。Explore our interactive guide to Europes troubled economies探索欧洲的经济困难是我们的交互式指南Elsewhere in the euro area high corporate debt has been doing most damage.在欧元区其他地方的高企业借贷已经造成了严重的损失。Firms that have overborrowed are reluctant to embark on new ventures, and banks are in any case reluctant to lend because their balance-sheets are peppered with bad debts.借贷过多的企业都不愿做出新的尝试,而无论如何不愿放贷因为他们的资产负债表已经做好了穿插坏账的准备。This unhappy state of affairs prevails throughout southern Europe though its precise causes vary.这种糟糕的财务状况,在整个南部欧洲盛行,虽然其确切的原因各不相同。In Spain the bad debts have arisen mainly from the property bubble and have been tackled over the past year by recognising the losses and transferring the written-down loans to Sareb, an asset-management company. In Portugal they stem from the attrition of more than a decade of stagnation.在西班牙发生的坏账主要来自房地产泡沫的出现,并已在过去的一年解决已识别的损失并转移贷款到资产管理公司Sareb。The ECBs banking probe will cause some of this debt to be written down as banks are forced to recognise some of their bad loans.欧洲央行的探头会造成一些债务被记录成被迫承认的一些不良贷款。But the clean-up could be limited because of the fear among the European countries with solid finances that bad banking debts will be dumped into a common rescue fund.但是,清理是有限的,因为糟糕的债务可能被丢到具有坚实的财政基础的欧洲国家间的一个共同救助基金。If the quality of these assets is not properly addressed this time, it will cast a long shadow over the euro zones chances of making a sustained economic recovery.如果这时不能妥善处理这些资产的质量,它给欧元区经济持续复苏的机会带来巨大的阴影。 /201310/262649The euro-zone economy欧元区经济Cyclical stagnation周期性萧条The recovery grinds to a halt复苏放缓THIS weeks figures for the euro-zone economy were dispiriting by any measure. An aly feeble and faltering recovery has stumbled. Output across the euro area was flat in the second quarter. That followed a poor start to the year when the single-currency club managed to grow by just 0.2%.无论怎么看,欧元区本周的经济数据都是令人失望的,疲软脆弱的复苏已经摇摇欲坠。第二季度欧元区的GDP增长速度为零,而在此之前的第一季度,这个单一货币组织仅仅实现了0.2%的增长。There were some bright spots in the bulletin of misery. Both the Dutch and Portuguese economies, which had contracted in the first quarter, rebounded, growing by 0.5% and 0.6% respectively. Spanish growth picked up from 0.4% in the first quarter to 0.6% in the second. But these perky performances were overshadowed by the poor figures recorded in the three biggest economies. Italy, the third largest, had aly reported a decline of 0.2%, pushing it into a triple-dip recession. France, the second biggest, continued to stagnate. But the real blow came from Germany, the powerhouse of the euro zone, where output slipped by 0.2%.在整个欧元区的阴霾中仍有几缕阳光。荷兰和葡萄牙继第一季度的经济萎缩后,在第二季度有所反弹,增长率分别达到0.5%和0.6%。西班牙的经济增速也从第一季度的0.4%攀升到第二季度的0.6%。然而,这些姣好的成绩被欧元区中最大的三个国家的经济数据冲淡了。意大利,欧元区的第三大经济体,已经公布了0.2%的衰退,这使得意大利陷入了自2008年经济危机以来的第三个衰退期。法国,欧元区的第二大经济体,其经济增长仍然保持停滞。但是最致命的一击来自德国,作为欧元区的驱动机,其GDP下滑了0.2%。The setback may reflect some temporary factors, as workers took extra time off after public holidays. German output was also depressed by a fall in construction, some of which had been brought forward to the first quarter thanks to warm weather. This effect should also be temporary. However, the tensions between Europe and Russia over Ukraine and the resulting sanctions may adversely affect German growth in the coming months.这次衰退可能反映了一些时事问题,比如工人罢工。德国的萧条部分是因为建筑业的下滑,由于气候原因一些工程已经被提前到第一季度实施。这些因素都是暂时的。然而,欧盟和俄罗斯在乌克兰事件上紧张关系,以及由此产生的制裁可能在未来一段时间内对德国的经济增长有不利影响。The new GDP figures are yet more evidence that the euro-zone economy is in a bad way, not least since it has come to rely so heavily upon Germany, which had grown by 0.7% in the first quarter. It is not only that growth is evaporating; inflation is also extraordinarily low. In July it was only 0.4%, far below the target of just below 2% set by the European Central Bank (ECB). Consistently low inflation has prompted fears that Europe will soon slide into deflation. Prices are aly falling in Spain and three other euro-zone countries.新的GDP数据还表明,欧元区经济增长呈现颓势,尤其是它对德国强烈的依赖--德国在第一季度的增速为0.7%。经济恶化不仅是因为这个增长速度已经不复存在了,还因为极低的通胀水平。七月份的通胀水平仅为0.4%,远远低于欧洲中央(ECB)设立的略低于2%的目标。持续的低通胀水平让人担忧欧洲可能即将进入通货紧缩期。西班牙以及其他三个欧元区国家的物价早已经开始下降了。Deflation would be particularly grave for the euro area because both private and public debt is so high in many of the 18 countries that share the single currency. Even if inflation is positive but stays low it hurts debtors, as their incomes rise more slowly than they expected when they borrowed. If deflation were to set in, the effects would be worse still: when prices and wages fall, debts, which do not shrink, become harder to repay.通货紧缩对于欧元区是非常严重的,因为在使用单一货币的18个国家中,私人债务和公共债务大都相当繁重。即使是偏低的正水平通胀也会伤害到债务人,因为他们收入的增长要比借债时候的预期慢。如果通货紧缩真的到来,其影响将会很糟糕:当物价和工资都降低了,债务却并不同时缩减,因此偿还债务变得更加困难。The poor GDP figures will intensify pressure on the ECB to do more. Aly in June it lowered its main borrowing rate to just 0.15% and became the first big central bank to introduce negative interest rates, in effect charging banks for deposits they leave with it. That has helped bring short-term, wholesale interest rates close to zero and has also weakened the euro. Both these effects will help to bolster the economy and restore growth.低靡的GDP数据将迫使欧洲央行(ECB)采取更多的措施。早在今年六月,就将基准利率低到了0.15%,成为引进负利率的第一大央行,实际上对存留的资金收取利息。这项举措使得短期大额利率接近零,同时欧元走弱。这两种效应都有助于经济复苏。As well as these interest-rate cuts, the ECB announced that it would lend copiously to banks for as long as four years, as long as they pledged to improve their own lending performance to the private sector. The plan, which resembles the Bank of Englands “funding for lending” scheme, has some merit but may not boost lending as much as expected due to the feeble state of the banks. It will also take a long time to work its way through the economy.除了降息之外,ECB申明,四年内,只要商业保增加对私有部门的信贷,央行将提供充足的资金。类似英格兰的“融资换贷款计划”,这个计划已经小有成效,但是由于本身元气已伤,其促进贷款的效果可能不如设想中的那么好。并且,这几个计划从开始实行到发挥作用需要很长一段时间。The ECBs critics say that this is not enough and urge the central bank to introduce quantitative easing—creating money to buy financial assets. The ECB is likely to hold off; it seems to consider QE as a weapon of last resort. For his part Mario Draghi, the central banks president, urges countries like Italy and France to get on with structural reforms that would improve their underlying growth potential. Patience on all sides is wearing thin.欧洲央行的批评者认为这些措施并不够,并且他们要求央行推出量化宽松政策--创造货币来购买金融资产。ECB的态度是尽可能延缓推出QE,在它看来,QE是最后的武器。央行行长马里奥·德拉吉就此发表了言论,他鼓励意大利、法国等国家继续进行结构化改革以提高其经济增长的潜力。各方人士对欧元区经济复苏都已迫不及待。 /201408/322221樊城区妇幼保健中医院治疗龟头炎多少钱

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襄阳市四院割包皮多少钱The scientists used a computer program to analyze the results obtained with a modern prism.科学家们用电脑程序来分析这些通过这个现代棱镜得到的结果。Then they replaced each wavelength with the color the human eye sees at that wavelength toconstruct what they called a cosmic spectrum to represent all that energy.然后,他们在每个波长里用人类肉眼能看到的颜色来代替这个波长,从而构成了一个他们所谓的宇宙光普,并用它来代表所有的能量。Finally, they variedthe intensity of each color on the spectrum in proportion to that wavelengths intensity in theuniverse.最后,他们改变宇宙光谱中每种颜色的强度,使之与宇宙中的波长的强度成比例。And after all that, they concluded that the average wavelength is most similar to a nondescriptbeige.在此之后,他们推断出平均波长最接近普通米黄色光的波长。However, researchers initially did think the color of the universe was closer to a turquoise,but then it turned out that the computer program they were using calculated the colors incorrectly.然而,研究人员最初认为宇宙更接近蓝绿色,但随后的事实明,他们用电脑程序计算出来的宇宙颜色并非蓝绿色。 201401/274246 Matilda trudged for seven miles through the frigid night.玛蒂尔达在寒冷的夜晚跋山涉水7英里。She eventually made it to the safety of Wallingford Castle.她最终来到了安全的瓦林福德城堡。Now she was free to continue her struggle.现在她要为了自由继续斗争。For another decade, civil war ravaged England.因为另一个10年中,英国因为内战而生灵涂炭。The fighting could only be brought to a stop when her eldest son came of age-a mail heir, a direct descendant of Henry I.这场战事只有她的长子,亨利一世的直系后裔达到合法继承人年龄才能划上句号。Matildas son Henry was a charismatic young man whod inherited Matildas determination and temper along with Geoffrey Plantagenets red hair, intelligence and boundless energy.玛蒂尔达的儿子亨利是一个富于魅力的年轻人,他继承了玛蒂尔达的决意和脾气,还有杰弗里金雀花的红头发,智慧及无限的能量。Henry also inherited his parents claims to the English throne and much of northern France.亨利也继承了他父母所言的英国王位及法国北部的大部分地区。As a young man, he was granted Normandy.作为一个年轻人,他被授予诺曼底。Later, he inherited Anjou.后来,他继承了昂儒。He then expanded Plantagenet territory again, through a profitable and unexpected marriage.然后他又通过盈利和意想不到的婚姻扩大了金雀花王朝的领土。201408/320003襄阳东风人民医院阳痿早泄价格襄阳治疗非淋费用



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