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郑州大学第三附属医院做祛疤手术多少钱周口市做双眼皮修复手术费用郑州上街区做鼻尖整形多少钱 Science and technology科学技术Athletic performance运动员的表现Faster, higher, no longer更快,更高已成往事Is it time to update the Olympic credo?是时候更改奥运会信条了?ON AUGUST 5th millions of people will watch the 100-metre final at the London Olympics.数百万人将在8月5日观看伦敦奥运会的一百米决赛。Many will wonder if anyone can repeat Usain Bolts feat in Berlin in , when the Jamaican clocked 9.58 seconds, lopping 0.11 seconds—aeons in a sprint—off the previous world record, which he set at the 2008 Beijing games.许多人都想知道谁能重现尔特奇迹,09年的柏林世界田径锦标赛上,尔特以9秒58的成绩刷新了自己在08年北京奥运会创下的记录,这缩短的0.11秒在短跑界已经算是巨大的超越了。One person who thinks this unlikely is Mark Denny.有人认为没人能做到,他就是马克丹尼。Another 0.11 seconds would take the time below what Dr Denny, from Stanford University, reckons is the absolute limit of human athletic performance in the 100-metre dash.在斯坦福大学的丹尼士看来,再缩短0.11秒就超过了运动员在百米冲刺表现中的极限。In 2008 Dr Denny published a paper in which he crunched through the highest speeds achieved each year in running events from sprints to the marathon, some dating back to 1900.2008年丹尼曾经发表了一篇论文,他在其中收集了从短跑到马拉松等每年的赛跑项目的最佳成绩,有的甚至可以追溯到1900年。A statistical technique called extreme-value analysis discerned trends and the maximum possible deviations from them.利用一种叫极限价值分析法的统计技术可以看到数据走向,并由此计算出最大可能性。For the 100 metres, the human speed limit is 10.55 metres per second.就100米而言,人类的速度极限是每秒10.55米。This translates to 9.48 seconds.所以人类一百米最好成绩应该是9.48秒。Predicting the limits of human athletic prowess has been a popular parlour game among number crunchers.估算运动员的能力极限是数据分析家们最热衷的室内游戏。One study from 1992 had female marathon runners drawing level with men by 1998, to complete the 42.195km course in just under two hours and two minutes.有一项研究在1992年到1998年间以统一标准要求男女马拉松运动员,即在2小时2分以内跑完42.195。A more recent analysis from 2004 suggested that male and female 100-metre times will converge in 2156, at 8.08 seconds.2004年的一项研究分析曾预示,到2156年,男女一百米运动员的成绩都将达到8.08秒。Nowadays sport statisticians view such calculations as flawed because they relied on linear extrapolations.现在的体育统计员们认为,这些计算还不尽完善,因为它们是以线性推断为基础的。They prefer to fit data to variants of a “logistic” curve.它们倾向于用数据去迎合“逻辑”曲线上的变量。This produces an S-shaped plot more in line with the intuition that performance starts off relatively flat.由此绘制出的S型图表更符合最初阶段相对平庸的表现。It then goes through a period of rapid improvement as more people take part and more systematic approaches to training and nutrition get more out of them.随着参与人数的不断增多和培养训练方式的更加系统化,这个图表会在一段时间内快速上升。It finally levels off as athletes inch towards the most a body can manage.但随着运动员逐渐接近生理极限,图表会慢慢趋于平缓。This aly seems to be happening.现在的情况似乎正是如此。According to Dr Denny female marathon runners have, in effect, reached their peak.丹尼士表示马拉松女运动员实际上已经达到顶峰。In a 2010 study Geoffroy Berthelot, of Frances National Institute of Sport, showed that performance in 23 out of 36 track-and-field events has stagnated since 1993.法国国家体育协会的杰弗罗伊贝森罗特在2010年的一项调查中指出,在36项田径赛事中,有23项的运动员表现自1993年以后就一直停滞不前。The remaining 13 have seen only small increments.而剩下的13项就算有所提高也是微乎其微。Pool performance表现欠佳In swimming, Dr Berthelot found that all 34 events have seen improvements since 2000, though this may have been aided by the now banned slick, full-body swimsuits which helped competitors in Beijing smash 22 world records.而在游泳界,贝森罗特士发现34项比赛自2000年起都有一定进步,虽然这可能要归功于现在禁止穿光滑的套身泳衣的规定,该规定曾帮助运动员在北京奥运会上打破了22项世界纪录。Before 2000, performance in 16 events had been becalmed, though not in the 400-metres individual medley, which may explain why Chinas 16-year-old Ye Shiwen shaved a second off the world record and in the final leg stoked controversy by being quicker than the mens medley champion.2000年之前,在16项游泳比赛中,运动员的表现已经出现瓶颈,但是400米混合泳除外,这也许解释了为什么中国的16岁小将叶诗文落后世界记录一秒并在最后一圈的速度甚至超过了男子混合泳冠军的表现会引发争议。But Alan Nevill, of Wolverhampton University in Britain, reckons this is within the bounds of possibility for the 400-metres womens freestyle: a proxy, albeit an imperfect one, for the last leg of the medley.但是英国伍尔夫汉普顿大学的艾伦奈维尔确认为,这在女子四百米自由泳中是可能出现的:虽然不太可能实现,但仍算混合泳最后一圈的一个指标Drugs and technological tricks aside, ensuring that future Olympics live up to their motto of “faster, higher, stronger” may thus require some other performance-boosting tricks.抛开兴奋剂使用和技术作假不说,要保以后的奥运会不辜负“更高,更快,更强”的信条,可能要采取一切其他的技巧来促进运动员的表现。Steve Haake, of Sheffield Hallam University in Britain, points to a notable blip in the figures for the 100-metre dash.英国谢菲尔德哈勒姆大学的史蒂芬哈基指出了一百米数据中一个明显的尖峰信号。In 1968 the average of the best times of the top 25 athletes was much better than trend.1968年世界排名前25的运动员的最佳成绩要比整体趋势好得多。This, Dr Haake explains, is because those Olympic games were held in Mexico City.哈基士认为这是因为当时的奥运会实在墨西哥城举办的。At an altitude of 2,240 metres the air there is a fifth thinner than at sea level, providing 20% less drag—a boon to sprinters who, unlike their endurance counterparts, run anaerobically, and so need not worry about the diminished supply of oxygen.在海拔高达2,240的地方,空气要比海平面稀薄五倍,因此阻力也下降了20%,这是短跑选手的福利,和耐力型长跑运动员不同,他们进行的是无氧跑步,所以也不必担心供氧不足的问题。Eight of the 25 best times that year were recorded at the games, and most of the remaining 17 were at higher-than-usual altitudes where athletes prepared for the main event.当年的25个最佳成绩中,有8个打破了世界纪录,剩下的17个中的大多数都出自海拔较高的地方,那儿的运动员都在为主赛事做准备。The reduced drag may have helped Bob Beamons 8.9-metre long jump, in which the American added 55cm to the world record.也许下降的空气阻力还帮助鲍勃比蒙取得了跳远8.9米的好成绩,由此美国又为世界纪录增加了55厘米。Of that, 31cm was down to a tail wind combined with the altitude.高海拔加上顺风让鲍勃多跳了31米。Statistics suggest that feats like those of Messrs Bolt and Beamon are increasingly improbable.统计数据表明,像尔特和比蒙这样的好成绩越来越难以出现。But are they impossible?但是绝无可能吗?Peter Weyand, of Southern Methodist University in Texas, has shown that whereas the peak force which elite sprinters apply to the track is more than four times their body weight, they can squeeze even more out of their muscles.德克萨斯州南卫理公会教大学的彼得韦安德表示鉴于顶尖的短跑选手所爆发出来的最大力量是其体重的4倍,他们的肌肉还是可以挤出更多力量的。Dr Weyand found that the forces generated while athletes hopped on one leg as fast as they could on a high-speed tmill were roughly twice as high as during running at top speed.韦安德还发现,运动员在一座高速运转的跑步机上尽可能快的单脚跳跃时所迸发出的力量大约是他们在以最快速度奔跑时所迸发出来的两倍。This translated into 30% more ground force.这就是说运动员在地面奔跑还能爆发出30%的力量。Since ground force is the main determinant of sprinting speed, Dr Weyands results imply that human muscles are capable of producing enough oomph to propel sprinters one-third faster than Mr Bolts record.既然地面力量是冲刺速度的主要决定因素,韦安德士的研究结果表示,人类肌肉还能释放出足够的力量,可以帮助运动员跑得比尔特年创下的世界纪录还要快三分之一。The reason they have not is that in the normal, two-legged gait the foot is in contact with the ground for only around one-tenth of a second, 0.05 seconds less than when hopping.之所以没有出现这样的情况是因为在正常情况下,双腿跑动时,脚和地面的接触时间仅有十分之一秒,比跳跃时少0.05秒。As a consequence, muscle fibres do not have enough time to contract to their full potential.所以肌肉组织没有足够时间释放它们的潜力。Although tapping all this force while sprinting seems biomechanically inconceivable, there may be scope for slight alterations in training and gait, focused on increasing the peak power available to sprinters.虽然从生物医学的角度来看,在短跑时发挥出全部力量似乎是难以置信的,但也许在训练和步伐上还有改进的余地,可以关注如何提高运动员所能调动出的最大力量。For his part, Dr Denny would be thrilled to see any athlete breach his limits, but he isnt putting any money on it.如果有人能打破这个极限丹尼士一定会很激动,但他可不会在这上面押钱。 /201402/276494Few minor injuries are as painful as the ded paper cut. Just thinking about it probably makes you cringe. However, these cuts are usually small, hardly noticeable, and rarely bleed. So what makes them so painful?很少有一些小伤能够像被纸划伤那样让人疼痛和害怕。光是想一想可能就让你不寒而栗了。然而,这种划伤通常伤口很小、很难被察觉到并且不怎么会流血。那为什么被纸划伤会这么疼呢?A paper cut is similar to a cut with a razor blade, with one major difference. A razor blade makes a smooth, clean incision in the skin, leaving behind few if any foreign particles that might cause the wound to become infected. Although it might hurt initially, the pain brought on by a small razor cut usually fades after a few minutes.被纸划伤跟被剃须刀片划伤很像,但是有一点不同。剃须刀片造成的伤口较为平整,几乎不会留下任何会导致伤口感染的异物。虽然刚被剃须刀片划伤的时候很疼,但是过几分钟疼痛感就会慢慢消退。Like a superficial cut by a razor blade, a paper cut smoothly parts the skin, but while a clean razor leaves little behind to irritate the wound, a paper cut deposits material that really stings.被纸划伤的伤口和剃须刀片造成的伤口一样,也很平整。但是干净的刀片不会留下任何物质去刺激伤口,而纸划伤口却会留下一些让人感到疼痛的物质。Paper is made of pressed wood mulch, and a variety of chemicals. When paper cuts into the skin, chemical coated fibers, as well as bacteria and tiny particles remain in the wound and stimulate pain receptors in the skin.纸是由压缩木片和多种化学物质构成的。当纸划过皮肤时,化学涂层纤维、细菌和细小颗粒物就会留在伤口里,对皮肤里的痛觉感受器产生刺激。Because the cut is usually small and shallow, the skin on either side of the wound closes quickly, trapping the fibers and other particles inside. The result is a good deal of pain, and since the closed wound doesn’t allow for much bleeding, the pain seems entirely out of proportion to a cut that you can barely detect.由于伤口通常很小且很浅,伤口会很快愈合,同时会把纤维和其他粒子留在伤口里面。所以,你才会感到十分疼痛,由于闭合的伤口几乎不会流血,所以说,即使伤口小到你几乎察觉不到,但是伤口造成的疼痛感却是要人命的! /201305/240840郑州/哪里的光疗美容最好

郑州华山整形美容医院做祛眼袋手术多少钱Business商业报道Corporate transparency公司透明化Measuring mud离析淤积物How transparent are the worlds biggest listed companies?世界上最大的上市公司透明程度到底如何Clear envelopes have yet to catch on透明的信封,要流行还尚需时日ARE you cheating on your spouse?你正对自己的配偶不忠吗?If so, please stand up and declare it.如果是这样,请站起来承认。Total silence? What virtuous ers The Economist has.全都沉默?《经济学人》的读者是何其品德高尚啊。Trying to measure corruption is a bit like surveying adultery.尝试去测量腐败的程度就有一点像是调查婚外情。Those who indulge in it are unlikely to admit it.深陷其中的人们可不愿意主动承认。So when surveying big companies, Transparency International, an anti-corruption watchdog, asks a different question:于是调查大公司时,反腐败监管机构透明国际问了个不一样的问题:how transparent are you?你的透明程度如何?Its latest survey, “Transparency in Corporate Reporting”, looks at the worlds 105 biggest listed firms.它的最新调查“企业报告中的透明度”涵盖了世界上最大的105家上市公司。It measures three things.他衡量三方面情况。First, a companys internal rules and procedures to prevent corruption.首先是公司用于防范腐败的内部条例、流程。Second, the transparency of its organisational structure.第二是组织构架的透明度。Third, TI asks whether a firm publishes detailed financial information about its activities in every country where it operates,第三,TI将询问公司是否公布了每个它参与运营的国家中所做活动的详细财务信息,including how much it pays in taxes and royalties to each government.比如向政府交了多少税,交了多少版权费。Most firms in the sample have strict rules barring bribery.样本中的大部分企业都有严格的条例杜绝行、受贿。The average score on this count was 69%, up from 47% in , the last time TI conducted a similar exercise.这项标准的平均得分率从TI上次在年引导一个类似练习时的47%提到了现在的69%。Many firms also disclose ample details about which holding company owns which subsidiary, and so forth.许多企业还披露了哪家控股集团拥有哪家子公司等丰富的细节。Of the 105 companies, 45 scored a perfect 100% for organisational transparency.全部105家企业中,四十五家在企业透明度上的得分率都达到了完美的100%。On the third measure, however, most firms remained tight-lipped.但是在第三项指标上,许多企业都守口如瓶。This does not mean they have done anything illegal.这不表示他们就干过违法的事。Suppose a mining firm pays 10m to a government for a licence to dig.设想一个采矿业公司为了得到挖掘许可,向政府付了1000万美元。The fee may be legitimate, but the government may wish to keep it secret, to make it easier to embezzle.这项费用可能合法,但政府也可能希望在这件事上保密,让侵吞变得更容易。A company that is completely transparent may find it hard to win any more contracts from dodgy governments, which, alas, control a lot of the worlds natural resources.完全透明的公司也许会很难从乐于遮掩的政府那里赢得更多的合约,然而这些政府却控制着全世界的自然资源。Statoil, Norways state-controlled oil-and-gas firm, was by far the best performer, yet it scored only 50% on this measure.挪威的国家控股油气企业挪威国家石油公司在这项指标上只得了50%。More than a third of firms scored zero; the average was a meagre 4%.三分之一以上的企业得分为零;平均得分率只有可怜的4%。Campaigners have long complained that money from oil and minerals props up predatory governments, and lobbied firms to publish what they pay.竞选者一直在抱怨从石油和矿产得来的钱持了掠夺成性的政府,并且游说企业公布出他们付了的东西。Big Western miners and drillers have taken heed: the top five on TIs list are all involved in natural resources.西方大型挖掘与钻井公司已经留意到TI列表上的前五名都和自然资源有关。Many firms, however, are reluctant to answer probing questions from Western busybodies: Gazprom, Russias state-owned gas giant, scores zero on the first and third measures.但是许多公司不愿回答西方好事者提出的探查性问题:俄罗斯国有天然气巨头俄罗斯天燃气公司就在第一和第三问题上得分为零。TIs calculations are open to challenge.这项评估受到了挑战。Do Amazon, Google and Berkshire Hathaway deserve to be ranked near the bottom?亚马逊,谷歌,伯克希尔·哈撒韦应该排在接近底部的位置吗?Probably not.也许不是。These firms may not disclose as much as TI would like,这些企业公布的信息没有TI期待的那样多,but they are not in businesses where one is ever asked to bribe a cabinet minister to win a mining concession.但他们所处的商业环境也并不需要他们去贿赂内阁大臣以获得采矿许可。TI does a good job of focusing attention on a serious problem.TI在聚焦重要问题方面做得不错,But like The Economists adultery survey, its results should be taken with a handful of salt.但就像经济学人杂志的婚外情调查一样,其结果只应受到谨慎的参考。 /201307/248621郑州/华山整形美容医院治疗粉刺怎么样 郑州/脱毛技术好的医院

鹤壁市无痛隆鼻收多少钱Finance and Economics;Free exchange;Joined-up thinking财经;自由交流专栏;以整体思维设计欧洲债券;Can a limited version of Eurobonds help solve the euro crisis?限制版的欧洲债券能否解决欧债危机?Anyone labouring under the illusion that the euro crisis could be solved by liquidity provision from the European Central Bank (ECB), however munificent, has been disabused. By encouraging banks to stock up on domestic government debt, the ECBs loans have reinforced the pernicious links between weak banks and weak governments. That connection is currently hurting Spain. Meanwhile, a German-inspired “fiscal compact” to insert public-debt brakes into national laws does nothing to help countries such as Italy climb out of the debt pit.人们曾经对欧洲央行(ECB)抱有不切实际的想法,认为只要它增加流动性供给,欧债危机便能药到病除。但现实情况是,无论欧洲央行出手怎么慷慨大方,依然无法扭转局势。欧洲央行向业发放贷款,鼓励它们购买自己国家发行的政府债券。各国和政府本就已经虚弱不堪,上述做法更加加剧了二者之间的极为有害的联系。西班牙现在便深受这种毒害之苦。与此同时,德国发起的“财政契约”要求各国将控制公共债务水平的条款纳入本国法律中,这丝毫无益于西班牙这样深陷债务泥潭的国家获得救助。“Eurobonds”, shorthand for euro-area sovereign debts that are jointly guaranteed by the 17 member countries, could provide a solution. In aggregate, the public finances of the currency block compare favourably with countries such as America which can borrow at dirt-cheap rates (last years euro-wide budget deficit was 4.1% of GDP, less than half Americas 9.6%). But replacing all national government bonds with collectively underwritten debt is a non-starter. A fully mutualised euro-zone debt market would be enormous—at 8 trillion Euro(10.5 trillion dollar), not far short of Americas—and thus very liquid.“欧洲债券”是欧元区主权债券的缩写。这种由十七个国家联合担保的债券可能为解决欧债危机提供某种出路。总的来看,欧元区集团的公共财政状况与美国相比毫不逊色,但是却无法享受到后者那种以极低的利率借款的好处。(欧元区去年的预算赤字占到了GDP的4.1%,同一时期美国的预算赤字占GDP的比率为9.6%)。但因此取消欧元区所有国家的政府债券,并代之以各国共同承保的欧洲债券,无疑又是不现实的。一个完全统一的欧元区债券市场将极为庞大——市值约为8万亿欧元(10.5万亿美元),接近美国债券市场的规模——从而也将极具流动性。That would lower average borrowing costs a bit. But the big gains through lower yields would go to the blocks fiscal sinners (the Signori), while the good guys (the Herrs) would be charged more to tap the markets than they are now. Such a move risks undermining the euro areas public finances in the long run by taking pressure off renegades. To prevent that, national budgets would have to be tightly controlled at a euro-zone level, entailing much deeper political integration than is currently conceivable.若这一设想得以实现,欧元区的平均借款成本将会有少许的下降。到那时,败坏财政纪律的罪犯(意大利的先生们)将享受到债券收益率下降的好处,而行为端正的好人(德国的先生们)则要承受比现在更高的发债成本。从长期来看,这种为恶棍缓解压力的做法将毁坏欧元区的公共财政基础。若要避免此种不幸,各国的财政预算必须从欧元区总体层面上加以严格控制,这势必要求各国打破思想上的框框,将政治一体化的进程向前继续推进。Any feasible plan for Eurobonds will therefore have to be on a partial basis. That means limiting the scope of joint guarantees to specific portions of member states sovereign debt, or setting a defined lifespan to the guarantees. One idea is to confine the maturity of Eurobonds to short-term debt. Wim Boonstra, chief economist of Rabobank in the Netherlands, advocates a facility for euro-zone countries to finance themselves for four years through jointly-guaranteed debt of up to two years in maturity. This plan would exclude Greece, Ireland and Portugal while they are receiving rescue finance, but it would take the heat off Italy and Spain and provide their banks with a safe common asset. One snag is that it encompasses the very maturity at which their governments aly find it easiest to borrow. Another is that by encouraging countries to issue debt at shorter maturities, the programme would create a bigger refinancing hump at the point when it was wound up.无论欧洲债券采取何种发行方案,都将是一个类似半成品的事物。这意味着,或者成员国主权债务的某些部分,或者债券的期限,将受到限制。有人就建议将欧洲债券界定为短期债务工具。荷兰拉首席经济学家维姆·布恩斯塔主张,欧元区国家应采取联合担保的形式,发行一种单期期限不超过两年,总期限四年的共同融资工具。按照他的计划,一方面,希腊、爱尔兰和葡萄牙由于已经接受了救助资金,将不会成为联合担保的对象;另一方面,意大利和西班牙将由此获得喘息的机会,两国的业也将获得欧洲债券这种比较安全的一般性资产。但是这个方案存在的一大问题是,即使没有欧洲债券,意大利政府和西班牙政府现在已经能比较轻松地获得这一期限内的贷款。况且,如果各国在这一方案的激励下都来发行短期债券,那么等到借新还旧的时候就会面对更大的融资压力。A much more ambitious scheme from Bruegel, a Brussels-based think-tank, first outlined in 2010, would use the original Maastricht-treaty cap for public debt of 60% of GDP—more honoured in the breach than the observance—to carve a dividing line between jointly-guaranteed debt and the rest. National borrowings below the 60% level could be switched into “blue” Eurobonds, while the remaining “red” debt would remain the responsibility of individual states. The blue bit would cover around 5.5 trillion Euro—a lot more than Mr Boonstras plan, and it would be for keeps. The main objection to this colour-coded proposal is that the resulting pressure on countries to reduce their red debt could backfire. The now-riskier tranche of borrowing would turn toxic, with yields on it soaring as borrowers priced in the higher risk of default. In the ensuing panic, the guarantee would probably have to be extended. The limit for blue debt would turn out to be as binding a constraint as the original Maastricht ceiling.早在2010年,总部位于布鲁塞尔的智库机构勃鲁盖尔便提出了一个更为大胆的计划。该计划试图利用原《马斯特里赫特条约》中各国公共债务不得超过GDP60%的条款——尽管这一规定很少被遵守,常常被违反——将债券分成两类,即共同担保债券和传统的主权债券。主权债务中低于GDP60%的部分将划到“蓝色”欧洲债券中,60%以上的部分是“红色”债券,仍由各国独自承担还款责任。蓝色欧洲债券的价值接近55亿欧元——大大超过了布恩斯塔计划中的规模,而且它会是一种永久性债券。有人对这种颜色分类债券提出异议,认为这种债券的本意虽然是想迫使各国减少红色债券,但很可能起到适得其反的效果。现存的高风险债券一旦划成红色债券将变成问题资产,由于违约风险升高,政府的借款利率也将随之猛增。随后,市场将陷入一片恐慌之中,此种形势下,共同担保的范围不得不扩大,把红色债券也纳入进来。到头来,蓝色债券的范围界限毫无约束力可言,正如同当初《马斯特里赫特条约》设定的公共债务上限的条款一样,沦为一纸空文。A third proposal—from the German Council of Economic Experts, an independent advisory group—recodes the colours and changes the intent. Eurobonds would replace national debt above, rather than below, 60% of GDP. This scheme would be smaller than Bruegels, covering around 2.3 trillion Euro, and since its purpose is to redeem debt above the 60% threshold, the fund issuing the Eurobonds would eventually wind up—though that would take 25 years. The ultimate objective is manageable national rather than permanent joint debt.第三套方案来自一家独立的顾问团体,即德国经济专家委员。他们对颜色债券赋予了不同的含义,发债的目的也有了变化。在这份计划中,欧洲债券将替代超出GDP60%以上的部分(而非以下部分)的国家债务。该计划将发行大约价值2.3万亿欧元的债券,小于勃鲁盖尔方案的规模。该计划的目的是偿还超出60%上限以上部分的债券,因此一旦实现目标,负责欧洲债券的发行的基金也将最终停止运行——尽管可能要花上25年的时间。此一方案的最终目标是实现可管理的国家债务,而非永久性的共同债务。Lets try another colour scheme试试其他颜色的计划Since Greece, Portugal and Ireland cannot transfer debt into the fund while they are being bailed out, the German plan can be interpreted as a roundabout rescue for Italy. With public debt at 120% of GDP, Italy would transfer almost 1 trillion Euro into the fund as existing national debt came due and was replaced by the issuance of joint bonds. The next-highest amount—over 500 billion Euro—would come from Germany, whose fiscal standing is not in doubt (unless sapped by having to finance too many bail-outs).由于希腊、葡萄牙和爱尔兰三国正在接受资金救助,它们的债券将不会转入偿还基金,因此人们将德国方案视作是对意大利的曲线救援。意大利的公共债务占到了GDP的120%,随着国家债务到期日的日益接近,大约有1万亿欧元的意大利债券将转入偿还基金,并由共同担保债券取而代之。德国将向偿还基金注入5千亿欧元的债券,排名第二。德国目前的财政状况仍然良好(除非因救助过多而有所恶化)。The plan would need to be tweaked to help countries such as Spain, whose public debt is not far above the 60% limit but is rising sharply and may surge even more if its weak savings banks need extra help. Another issue is whether the discipline needed to pay off debt over such a long period can be sustained. But the plan should avoid the perverse effects of Bruegels “blue-red” proposal. Yields on existing national bonds in a country such as Italy—those with maturities extending beyond the transfer period of up to four years—will be higher than those issued through the redemption fund, but overall borrowing costs should be reduced as investors see a credible path to debt reduction and fret less about a euro break-up.这一计划还需要做作少许修改,以适应救助西班牙等国的需要。西班牙的公共债务只是略高于60%的上限,但近来上升势头很猛。考虑到该国虚弱的储蓄可能需要额外的救助,公共债务还有大幅激增的可能性。另一个要注意的问题是,欧洲债券的偿还需要很长的一段时间,保还款正常进行的纪律能否得到维持?尽管有以上各种问题,这一计划仍将避免勃鲁盖尔的“蓝债券-红债券”的弊端。意大利等国发行的债券期限超出了四年的转换期,收益率也会高于那些由偿还基金代发的欧洲债券的收益率。但它们的总借款成本还是会有所下降,这是因为一旦投资者看到债务确实在减少,他们对欧元解体的忧虑便会得到缓解的缘故。Of the three schemes, the German plan has most to commend it. It insists on tough conditionality: states being helped will have to provide the fund with collateral and earmarked tax revenue. It is also open about the fact that German borrowing costs will rise, by up to a percentage point. That is an awkward truth, but Germans will also pay if the single currency fails. From a poor starting-point, the German proposal is the least bad way forward.三个方案中,德国版本最为受到推崇。该方案坚持严格的限制性条件,即:受助国必须向基金提供专项的的税收收入作为抵押品。毫无疑问,德国的借款成本将会由此增加,大约上升一个百分点。成本上升的事实颇为令人尴尬,但换个角度看,如果欧元破产,德国还是要付出相应的代价。欧洲债券已经站在了糟糕透顶的起点之上,而德国的方案代表着最不坏的前进方向。 /201306/244582 郑州华山整形激光去斑多少钱郑州/自体耳软骨隆鼻



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