VOA常速英语2016--特朗普当选总统，政府借贷成本剧增

Government Borrowing Costs Soar as Investors¹ Digest Impact of Trump² Presidency 特朗普当选总统，政府借贷成本剧增

LONDON — 

Borrowing costs for governments across the world have increased sharply since Donald Trump's U.S. election victory, as investors believe the new president's policies will speed the pace of interest rate increases. Emerging economies have been hardest hit, with fears growing that existing trade deals could be torn up.

Many emerging markets rely on cheap exports, and much of the goods are sold to the United States. It is in these countries that the biggest economic shocks have been felt from the political earthquake in Washington, said analyst³ David Rees of Capital Economics.

很多新兴市场依赖廉价出口商品，其中大部分销往美国。这些国家已经从华盛顿的政治地震中感受到了最大的经济冲击。

“Effectively, we have seen investors pulling out of emerging markets.Basically, you know, the Trump victory has hit risk appetite,given his fairly vitriolic⁴ approach to emerging markets and free trade.And investors have basically taken a flight to safety.”

“实际上，我们已经看到有投资者从新兴市场抽离。从根本上说，特朗普的当选已经打击到了人们的风险偏好。这是由于特朗普对新兴市场和自由贸易相当刻薄的态度。投资者们基本上都已经转向安全地带。”

That has meant a major sell-off of risky⁵ emerging market debt and currencies,which have seen big losses against the U.S. dollar.If the sell-off continues, the economic pain will be felt by ordinary citizens.

这就意味着出现较大范围的抛售新兴市场风险债券和货币，这些货币兑美元的汇率大幅度下跌。如果抛售持续下去，普通公民也将感受到经济创痛。

“You are going to get lower economic growth, lower jobs growth, wage growth, you know, etcetera,potentially higher interest rates for debt servicing if currencies are falling and inflation pressures are building.”

“经济增速会更慢，就业和工资增长也会更慢，其他等等都会这样，货币贬值，通货膨胀的压力不断上升，债务偿还的利率可能会更高。”

Those pressures have forced up bond yields,all the interest rate the governments have to pay to borrow money, and not only in emerging markets.

这些压力会迫使公债利息上升，政府借债的利率也会上升，并且不只在新兴市场发生。

In Italy, bond yields hit an 18-month high as the global upward trend was compounded by political uncertainty⁶ over an upcoming referendum.

在意大利，公债利息已经达到18个月来的最高水平，因为公投带来的政治不稳定加剧了全球的公债利息上升。

“And I think there is a concern that if bond yields start to edge even higher from where they are now,we could actually see a little bit of a squeeze on borrowing costs on those areas of the European economy in particular that can least afford it.”

“我认为如果公债利息比现在稍微升高一点，都将会引起担忧。事实上，我们会看到欧洲经济地区，尤其是刚能负担得起的地区的借贷成本稍微紧缩。”

Mexico’s borrowing costs have hit five-year highs following Donald Trump’s election,given his pledge to build a wall on the border and deport⁷ millions of illegal immigrants.So could the world see a return to the so-called "credit crunch⁸" that followed the 2008 financial crisis?

特朗普胜选之后，墨西哥的借贷成本已达到五年来的最高水平，因为特朗普承诺要在美国和墨西哥边界建一堵墙，并驱逐上百万的非法移民出境。所以世界会回到2008年金融危机之后的所谓“信贷紧缩”时期吗？

“Mexico, you’ve seen, bond yields have hit five-year highs.Obviously, Mexico is quite a special case in terms of its close relationship with the US and Trump’s,you know, particular focus.Elsewhere, yields are still relatively⁹ low at the moment, so we are not running into this kind of credit crunch situation.”

“墨西哥的公债利息已经达到五年来的最高水平。很显然，由于墨西哥和美国的特殊关系以及特朗普对他们的特殊关注，墨西哥是一个特殊案例。此时，其他地区的债息相对来说还比较低，所以我们不会遭遇这种信贷紧缩的情况。”

Analysts¹⁰ say that investors had been reassured¹¹ by Donald Trump’s conciliatory tone since the election.But they predict heavy market losses if he follows through on campaign pledges to tear up global trade deals.

分析家们说投资者们从大选之后唐纳德.特朗普的缓和语气中得到了安慰。但是他们预言，如果特朗普按照竞选宣言中所说的撕毁全球贸易协定，市场损失将会非常严重。

1 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

2 trump   

n.王牌，法宝；v.打出王牌，吹喇叭

参考例句：

• He was never able to trump up the courage to have a showdown.他始终鼓不起勇气摊牌。
• The coach saved his star player for a trump card.教练保留他的明星选手，作为他的王牌。

3 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

4 vitriolic   

adj.硫酸的，尖刻的

参考例句：

• The newspaper launched a vitriolic attack on the president.这家报纸对总统发起了一场恶意的攻击。
• Vitriolic impurity is contained normally in the sewage that vitriolic factory discharges.硫酸厂排放的污水中通常含有硫酸杂质。

5 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

6 uncertainty   

n.易变，靠不住，不确知，不确定的事物

参考例句：

• Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
• After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后，压力开始产生影响了。

7 deport   

vt.驱逐出境

参考例句：

• We deport aliens who slip across our borders.我们把偷渡入境的外国人驱逐出境。
• More than 240 England football fans are being deported from Italy following riots last night.昨晚的骚乱发生后有240多名英格兰球迷被驱逐出意大利。

8 crunch   

n.关键时刻；艰难局面；v.发出碎裂声

参考例句：

• If it comes to the crunch they'll support us.关键时刻他们是会支持我们的。
• People who crunch nuts at the movies can be very annoying.看电影时嘎吱作声地嚼干果的人会使人十分讨厌。

9 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。

10 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

11 reassured   

adj.使消除疑虑的；使放心的v.再保证，恢复信心( reassure的过去式和过去分词)

参考例句：

• The captain's confidence during the storm reassured the passengers. 在风暴中船长的信念使旅客们恢复了信心。 来自《现代英汉综合大词典》
• The doctor reassured the old lady. 医生叫那位老妇人放心。 来自《简明英汉词典》