经济学人:印度的非银行金融 (2)

 　　Few think that a liquidity¹ crisis is the firm's only problem. Even when its credit was good, its projects had a nasty habit of busting² their budgets. 少数人认为清偿危机是公司唯一的问题。即便公司信用良好，其项目也会习惯性地超出预算。

　　Some, such as GIFT City, a pet project of Narendra Modi, the prime minister, in Gujarat, look like white elephants. 一些项目，比如纳伦德拉·莫迪总理喜欢的古吉拉特邦国际金融科技城项目，看起来价值不菲且华而不实。

　　More than half of IL&FS's receivables are tied up in claims about delays, termination payments and the like. IL&FS超过半数的应收账款都被延期、终止付款等套牢。

　　The government has accused the management of being "well aware of the precarious³ and critical financial position", 政府指责公司管理层对“这些危险以及其岌岌可危的财务状况心知肚明”，

　　but continuing to present "a hunky-dory scenario⁴ which was just a mirage⁵". India's Serious Fraud Investigations⁶ Office is investigating. 但却继续营造出一种“一切顺利的情景，而这不过是一种幻象”。印度严重诈骗罪案委员会正在调查。

　　Bureaucrats⁷ in the Reserve Bank of India, the central bank, will be unsettled by the risks that lie outside the banking⁸ system, and not just within it. 印度储备银行，这家中央银行的官僚们因银行体系内外的风险而坐立不安。

　　Bad debt in the regulated and largely publicly owned banking sector⁹ is rising. 规范化的大型国有银行部门的坏帐在增长。

　　Last year the government had to recapitalise state-owned banks to the tune¹⁰ of 2.1trn rupees. Shadow banks offer a new festering mess. 去年政府不得不调整银行的资本结构，其资本多达21000卢比。影子银行形成了一种新的日益恶化的烂摊子。

　　In recent years they have provided more credit to the commercial sector than banks have. 近些年，他们给商业部门提供的贷款超过了银行所有的资金。

　　Either India's fast-growing mutual¹¹ funds and insurers, which own much of IL&FS's debt, have been judging risk inaccurately¹², 印度的那些背负IL&FS债务的快速增长的共同基金和保险公司，他们要么是得到了不准确的风险评级，

　　or they know full well what they have been doing but expect the government to step in. 要么是他们非常清楚自己的所作所为，但还是期待政府会介入。

　　A cash infusion¹³ will win IL&FS and the government a few months. 资金注入将为IL&FS和政府赢得几个月的时间。

　　That will allow the revamped board to appoint new management, assess losses and start selling assets to pay down debt. 那将给新董事会时间任命新的管理层、评估损失并开始售卖资产偿还债务。

　　The government may seek to clear obstacles in the way of those of its projects that could be made profitable. 政府或许会争取通过那些有利可图的项目清除障碍。

　　Meanwhile, markets are nervous. Shares in other non-bank lenders have collapsed¹⁴. Which will be next to look for the government to cushion its fall? 同时，市场十分紧张。其他非银行贷方的股价暴跌。下一个期待政府出手缓解股价暴跌的会是他们么？

1 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

2 busting   

打破，打碎( bust的现在分词 )； 突击搜查（或搜捕）； （使）降级，降低军阶

参考例句：

• Jim and his wife were busting up again yesterday. 吉姆和他的妻子昨天又吵架了。
• He figured she was busting his chops, but it was all true. 他以为她在捉弄他，其实完全是真的。

3 precarious   

adj.不安定的，靠不住的；根据不足的

参考例句：

• Our financial situation had become precarious.我们的财务状况已变得不稳定了。
• He earned a precarious living as an artist.作为一个艺术家，他过得是朝不保夕的生活。

4 scenario   

n.剧本，脚本；概要

参考例句：

• But the birth scenario is not completely accurate.然而分娩脚本并非完全准确的。
• This is a totally different scenario.这是完全不同的剧本。

5 mirage   

n.海市蜃楼，幻景

参考例句：

• Perhaps we are all just chasing a mirage.也许我们都只是在追逐一个幻想。
• Western liberalism was always a mirage.西方自由主义永远是一座海市蜃楼。

6 investigations   

（正式的）调查( investigation的名词复数 )； 侦查； 科学研究； 学术研究

参考例句：

• His investigations were intensive and thorough but revealed nothing. 他进行了深入彻底的调查，但没有发现什么。
• He often sent them out to make investigations. 他常常派他们出去作调查。

7 bureaucrats   

n.官僚( bureaucrat的名词复数 )；官僚主义；官僚主义者；官僚语言

参考例句：

• That is the fate of the bureaucrats, not the inspiration of statesmen. 那是官僚主义者的命运，而不是政治家的灵感。 来自辞典例句
• Big business and dozens of anonymous bureaucrats have as much power as Japan's top elected leaders. 大企业和许多不知名的官僚同日本选举出来的最高层领导者们的权力一样大。 来自辞典例句

8 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

9 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。

10 tune   

n.调子；和谐，协调；v.调音，调节，调整

参考例句：

• He'd written a tune,and played it to us on the piano.他写了一段曲子，并在钢琴上弹给我们听。
• The boy beat out a tune on a tin can.那男孩在易拉罐上敲出一首曲子。

11 mutual   

adj.相互的，彼此的；共同的，共有的

参考例句：

• We must pull together for mutual interest.我们必须为相互的利益而通力合作。
• Mutual interests tied us together.相互的利害关系把我们联系在一起。

12 inaccurately   

不精密地，不准确地

参考例句：

• The money mechanism began to work stiffly and inaccurately. 贷币机构开始周转不灵和不准确了。
• Court records reveal every day how inaccurately "eyewitnesses'see. 法庭记录每天都显露出“见证人”看得多不准确。

13 infusion   

n.灌输

参考例句：

• Old families need an infusion of new blood from time to time.古老的家族需要不时地注入新鲜血液。
• Careful observation of the infusion site is necessary.必须仔细观察输液部位。

14 collapsed   

adj.倒塌的

参考例句：

• Jack collapsed in agony on the floor. 杰克十分痛苦地瘫倒在地板上。
• The roof collapsed under the weight of snow. 房顶在雪的重压下突然坍塌下来。