How to conjure a bigger EFSF without more taxpayers' money?

如何在不利用纳税人钱财的情况下使得EFSF更加庞大呢？

A case in point is the European Financial Stability Facility (EFSF).

这应提到欧洲金融稳定基金。

But under the European plan, the only backstop is the principal in the EFSF.

但在欧洲的计划中，唯一的后盾是EFSF的本金。

Leveraging the EFSF would raise the risk to the countries that underwrite it.

将EFSF的资金杠杆化会提升保证其资金的国家的风险。

Furthermore, Germany doesn't seem too keen on expanding the size of the EFSF.

此外，德国对于扩大EFSF的规模似乎兴致不高。

In any case, the EFSF must be authorised to make secondary-market bond purchases.

无论如何都必须授权EFSF在二级市场上购买债券。

The ECB would provide leverage, but any initial losses would be borne by the EFSF.

欧洲央行可以提供杠杆，但是最初的损失将由欧洲金融稳定基金承担。

How to expand the EFSF again is at the heart of the troubles vexing European leaders.

如何实现EFSF再次扩容是最让欧洲领导人头疼的事情。

Eventually, the markets will have to contend with what happens after the EFSF is tapped out.

最终，市场将不得不考虑EFSF用尽之后将会出现的局面。

First, it is not clear yet precisely how the EFSF will be leveraged to 1 trillion euros.

首先，前景不明朗，尤其是欧洲稳定基金讲如何利用1万亿欧元。

The EFSF expansion has been ratified by the 16 other countries in the euro zone. See article

欧洲金融机构扩张法案已在欧盟其余16个国家获得通过。

The EFSF could guarantee to buy, at a floor price, short-term bonds from programme countries.

EFSF可以保证按底线价格从该计划涵盖的国家购买短期债券。

The EFSF will be able to purchase the bonds of rescued governments when they are newly issued.

欧洲金融稳定机构将会购买那些需要援助国家新发行的债券。

The 16 other euro-zone countries hadalready ratified the EFSF deal by the time Slovakia voted.

斯洛伐克投票时，欧元区其他16个国家已经批准了稳定议案。

The rescue fund, the European Financial Stability Facility (EFSF), is far too small to be credible.

救援基金名为欧洲金融稳定基金（EFSF），其规模过小，不太可靠。

Italy's funding needs this year alone is projected to be 425 billion euros - nearly the entire EFSF.

仅今年一年，意大利的资金需求预计将达到4,250亿欧元——几乎相当于整个EFSF全部的资金数量。

The deal announced last week would have the ECB transferring those bond-buying duties to the EFSF.

上周公布救助方案后，欧洲央行购买债券的职责将移交给EFSF。

But to do that effectively, the EFSF will need to increase the amount of money it can spend in the fund.

但为了保证效率，EFSF需要增加可用于该基金的资金数量。

But the EFSF vote is likely not to be the last time the Bundestag is brought to the euro-brink this year.

但EFSF投票不太可能是联邦议院今年最后一次被欧元推到边缘。

France wanted to draw on the EFSF, both to present the problem as European and to share the cost with Germany.

法国希望借由欧洲金融稳定基金将之变为欧洲性的问题并让德国共同承担损失。

The EFSF will issue bonds that are ultimately backed by the credit ratings of the 17-member nations of the euro zone.

EFSF将发行债券，支撑这些债券发行的是欧元区17个成员国的信贷评级。

The EFSF simply doesn't have the ability to absorb that much debt and support the rest of the euro zone periphery.

EFSF根本没有能力消化这么多债券，同时支持欧元区其他边缘国家。

That's why EU leaders agreed last month to transfer this role to the European Financial Stability Facility (EFSF).

因此，欧盟领导人在上个月同意将干预债券市场的职责转交给欧洲金融稳定机构（European Financial Stability Facility）。

Unlike countries in the euro zone that would be able to tap the EFSF, Britain would have to shoulder this burden alone.

英国不像欧元区其他的国家，他们能够想efsf求助，而英国只能独力承担这个重担。