尋夢新聞LINE@每日推播熱門推薦文章，趣聞不漏接❤️
TEXT 544
經濟學人:印度的非銀行金融 (2)
Few think that a liquidity crisis is the firm’s only problem. Even when its credit was good, its projects had a nasty habit of busting their budgets.Some, such as GIFT City, a pet project of Narendra Modi, the prime minister, in Gujarat, look like white elephants.
譯文
少數人認為清償危機是公司唯一的問題。即便公司信用良好，其項目也會習慣性地超出預算。一些項目，比如納倫德拉·莫迪總理喜歡的古吉拉特邦國際金融科技城項目，看起來價值不菲且華而不實。
More than half of IL&FS’s receivables are tied up in claims about delays, termination payments and the like.The government has accused the management of being “well aware of the precarious and critical financial position”,but continuing to present “a hunky-dory scenario which was just a mirage”. India’s Serious Fraud Investigations Office is investigating.
譯文
IL&FS超過半數的應收帳款都被延期、終止付款等套牢。政府指責公司管理層對「這些危險以及其岌岌可危的財務狀況心知肚明」，但卻繼續營造出一種「一切順利的情景，而這不過是一種幻象」。印度嚴重詐騙罪案委員會正在調查。
Bureaucrats in the Reserve Bank of India, the central bank, will be unsettled by the risks that lie outside the banking system, and not just within it.Bad debt in the regulated and largely publicly owned banking sector is rising.Last year the government had to recapitalise state-owned banks to the tune of 2.1trn rupees. Shadow banks offer a new festering mess.In recent years they have provided more credit to the commercial sector than banks have.
譯文
印度儲備銀行，這家中央銀行的官僚們因銀行體系內外的風險而坐立不安。規範化的大型國有銀行部門的壞帳在增長。去年政府不得不調整銀行的資本結構，其資本多達21000盧比。影子銀行形成了一種新的日益惡化的爛攤子。近些年，他們給商業部門提供的貸款超過了銀行所有的資金。
Either India’s fast-growing mutual funds and insurers, which own much of IL&FS’s debt, have been judging risk inaccurately,or they know full well what they have been doing but expect the government to step in.
譯文
印度的那些背負IL&FS債務的快速增長的共同基金和保險公司，他們要麼是得到了不準確的風險評級，要麼是他們非常清楚自己的所作所為，但還是期待政府會介入。
A cash infusion will win IL&FS and the government a few months.That will allow the revamped board to appoint new management, assess losses and start selling assets to pay down debt.The government may seek to clear obstacles in the way of those of its projects that could be made profitable.Meanwhile, markets are nervous. Shares in other non-bank lenders have collapsed. Which will be next to look for the government to cushion its fall?
譯文
資金注入將為IL&FS和政府贏得幾個月的時間。那將給新董事會時間任命新的管理層、評估損失並開始售賣資產償還債務。政府或許會爭取通過那些有利可圖的項目清除障礙。同時，市場十分緊張。其他非銀行貸方的股價暴跌。下一個期待政府出手緩解股價暴跌的會是他們麼？
註釋
1.accuse of 譴責
I don’t think it’s fair to accuse me of having an attitude problem.
我覺得指責我有態度問題有失公允。
2.scenario 情景；方案
Let me suggest a possible scenario.
我來設想一種可能出現的情況。
This is a scenario familiar in the modern world.
這是現代世界所熟悉的情景。來源於《BBC》
3.recapitalise 調整資本
He plans to recapitalize the insurance fund.
他計劃調整保險基金的資本結構。
Most of the bailout money will be used to recapitalise banks
大部分救助資金將用於對銀行進行資本重組。來源於《THETIMES》
4.infusion 輸入
He brought a tremendous infusion of hope to the people.
他給人們帶來極大的希望。
STOKERThe steady infusion of South Korean directors continues
STOKER-韓國導演的穩定注入仍在繼續.來源於《NEWYORKER》
經濟學人or小程序打卡
3天——廈大考研壁紙/經濟學人10篇
簽到打卡7天
簽到打卡20天——政治沖刺精講練習+時政綜述
簽到打卡50天——考研小藍包（錯題本、手帳、簽字筆等）
PS.接下來小編不定期贈送給堅持打卡的各位同學額外資料！
▼
