财富精英励志演讲 第132期:未来的路(7)

 Something similar happened again in 1997 but by then the banks had learned to securitize their loans so they could not be forced into a collective system of lending and most of the losses had to be taken by the debtor¹ countries. This set the pattern: the debtor countries were subjected to harsh market discipline but when the system was in danger, the normal rules were suspended. Banks, whose collective failure would have endangered the system, were bailed² out.

1997年，类似的事情再次发生。但那时，银行已经学会了将贷款证券化，不至被迫采用集体出借的做法，而大部分损失不得不由债务国承担。于是形成了一种新的模式：债务国遵守严格的市场戒律，但如果体系遭遇困难，一般规则将暂停执行。这样，银行就得到挽救，尽管它们的集体失败也许已危及到了体系本身。

The financial crisis of 2007/2008 was different because it originated at the center and the periphery³ countries were drawn⁴ into it only after the bankruptcy⁵ of Lehman Brothers. The IMF was faced with a novel task: to protect the periphery from a storm that originated at the center. It did not have enough capital but, member countries banded together and raised a trillion dollars. Even so, the IMF has had some difficulties in coping with the situation because it was designed to deal with problems in the public sector⁶ and the shortage of credit was impacting mainly the private sector. But, on the whole, the IMF adapted itself to its novel task remarkably⁷ well.

2007年至2008年的金融危机则与此不同，因为它起源于中心国，而边缘国家则是在雷曼兄弟公司破产后才被卷入其中的。国际基金组织面临着一项新任务：保护边缘国免受由中心国引发的风暴的影响。虽然该组织没有足够的资金，但各成员国联合起来，筹了一万亿美元的款。即便如此，它在应对该局面时还有—定困难，因为它主要是为解决国营机构的问题而设，而这次信贷危机主要影响的是私营机构。 但从总体上讲，国际货币基金组织在处理这项新任务时表现得还是相当出色的。

1 debtor   

n.借方，债务人

参考例句：

• He crowded the debtor for payment.他催逼负债人还债。
• The court granted me a lien on my debtor's property.法庭授予我对我债务人财产的留置权。

2 bailed   

保释，帮助脱离困境( bail的过去式和过去分词 )

参考例句：

• Fortunately the pilot bailed out before the plane crashed. 飞机坠毁之前，驾驶员幸运地跳伞了。
• Some water had been shipped and the cook bailed it out. 船里进了些水，厨师把水舀了出去。

3 periphery   

n.(圆体的)外面；周围

参考例句：

• Geographically, the UK is on the periphery of Europe.从地理位置上讲，英国处于欧洲边缘。
• The periphery of the retina is very sensitive to motion.视网膜的外围对运动非常敏感。

4 drawn   

v.拖，拉，拔出；adj.憔悴的，紧张的

参考例句：

• All the characters in the story are drawn from life.故事中的所有人物都取材于生活。
• Her gaze was drawn irresistibly to the scene outside.她的目光禁不住被外面的风景所吸引。

5 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

6 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

7 remarkably   

ad.不同寻常地，相当地

参考例句：

• I thought she was remarkably restrained in the circumstances. 我认为她在那种情况下非常克制。
• He made a remarkably swift recovery. 他康复得相当快。