经济学人:印度的非银行金融 (2)（打印版）

　　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. 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 precarious 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 scenario which was just a mirage". India's Serious Fraud Investigations 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。

　　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. 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 sector 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 tune 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 mutual funds and insurers, which own much of IL&FS's debt, have been judging risk inaccurately, 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 infusion 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 collapsed. 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？

经济学人:印度的非银行金融 (2)（在线收听）