EFSF

The idea of providing the EFSF with more flexibility is good.

给予efsf更大的灵活性，这种想法是好的。

And because the EFSF bears the first losses, its capital is at greater risk of being wiped out than under a loan programme.

而由于欧洲金融稳定基金将要承担首笔损失，这就使它的资本，相比于作为贷款项目时有更大的丧失风险。

Others have proposed that the EFSF could issue discounted bills.

另一些人建议，efsf可以发行贴现票据。

In present market conditions, a leveraged EFSF is unrealistic.

在当前的市况下，杠杆化的欧洲金融稳定安排是不现实的。

I cannot see how the EFSF can offer similarly attractive rates.

我认为，efsf无法提供同样有吸引力的利率。

France wanted to draw on the EFSF, both to present the problem as European and to share the cost with Germany.

法国希望借由欧洲金融稳定基金将之变为欧洲性的问题并让德国共同承担损失。

In the case of the EFSF, the situation could not be more different.

而efsf的情况则有着天壤之别。