第一篇：美聯英語短新聞 橫眉冷對千夫指,昂首挺進總決賽

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OK, first, let's never talk about those Western Conference finals, or playoffs, really, ever again.The minute Kawhi Leonard went down, it was a waste of our time.Not just because the Spurs were so drastically outmatched, but because it robbed us of being able to make any conclusions at any point about either team.There was nothing to learn about either team.好了，首先，讓我們，再也，再也，再也不要再談起這輪西部決賽了。自科懷-倫納德轟然倒地的那一刻起，這輪比賽就開始在揮霍我們的生命。這么說不僅僅是因為馬刺場場潰不成軍，更是因為它讓比賽變了味，我們已經無法好好對比賽進行分析了，也無法從兩隊身上學到任何有價值的東西 That's all there is to say.好了，感謝您認真聽我吐槽。

So now we get to the meat of the thing.The Golden State Warriors, villains, heroes, wonder-team, albatross, the squad too big to fail, have reached the NBA Finals...again.They are the Western Conference champions, and history will eventually forget Jusuf Nurkic's injury, George HIll's injury, Kawhi Leonard's injury, and to be fair, those might not have mattered in the end result.現在讓我們切入正題，金州勇士隊，這支在英雄與惡棍的邊緣徘徊，遭受著多方非議，無可匹敵的銀河戰艦，又殺入NBA總決賽了……咦，我為什么要說又呢。他們正式加冕西部冠軍，歷史只會記得勝利者，優素福-努爾基奇的傷病、喬治-希爾的傷病、倫納德的傷病……這些終將隨著時間被淡忘。

But all history will see is 12-0, the first team to ever sweep the West.They have the best net point differential per 100 possessions in NBA history for a playoff run.They are without blemish, and four wins away from validation for Kevin Durant, and redemption for the Warriors.不過講道理，就算他們都健康，恐怕也不會對最終結果產生改變，未來人們只會盯著史書，對這支改制以來首次以12連勝殺入總決賽的球隊贊不絕口。與此同時，他們目前的百回合凈勝分高居歷史榜首，他們無可挑剔。距離凱文-杜蘭特的完美正名，以及勇士的自我救贖，僅僅四場勝利之遙。

Durant's situation is fascinating.On the one hand, he's back to the Finals after three failures in the Western Conference finals since 2012.Regardless of the outcome of the Finals, he already feels that he made the right decision.杜蘭特現在的處境可以說是羨煞旁人。一方面來講，他自2012年之后重新踏上總決賽地板，而這期間他曾3次折戟西決。無論最終結果如何，他已經可以確定自己做出了正確的選擇。Durant may not be the most important Warrior.There may, honestly, not be a most important Warrior, with how much talent they have.杜蘭特也許稱不上隊伍中最重要的一環，實話實說，對于這支天賦溢出的球隊來說，你很難確定誰才是公認的最重要一環。但可以肯定的是，他是最強的那一環。

But Durant is the best player, and while the context of his decision may impact how

those on the outside view his potential triumph, internally, he is playing great basketball with a team he clearly loves.盡管他的“決定”會對外界對于他將來成就的評價產生偏見，但對于他來說，他正在一支自己熱愛的球隊打出著精彩的表現。

If he wins the title and Finals MVP, he gets to claim that No.1 spot he's been chasing so long as the Best Player On Earth, even if so many will attach an asterisk because of how he got there.There are no asterisks when you look in the mirror.如果他有幸得以奪冠并榮膺FMVP，那他將實現自己畢生追尋的目標：成為世界最強球員。當然，外界無疑會對這一稱號的成色頗有微詞，但這并不會有什么影響，豈能盡如人意，但求無愧于心。

For Stephen Curry, Draymond Green and the rest of the Warriors, it's a time for celebration.Beating the Spurs, in four games no less, even without Kawhi Leonard, is hard.而對于斯蒂芬-庫里、德雷蒙德-格林以及其他勇士球員來說，事情就沒這么復雜了，他們要做的就是盡情慶祝勝利。四場解決馬刺，談何容易，即便少了倫納德，這都不是一項簡單的任務。

The Warriors did not make it look hard, but that, too, is a testament to how great of a team they are.They accomplished something worth celebrating Monday night.但勇士不僅完成了這一壯舉，還看起來輕松加愉快，這足以成為證明其強大的鐵證。這場勝利值得好好慶祝一番。

If the Celtics were to pull off a miracle and win the conference finals, they might take Game 1 of the Finals without Isaiah Thomas just because the Warriors would

be so depressed.The Joker is not looking to beat Green Arrow.He wants Batman, and he wants him broken at his feet.如果，我是說如果，凱爾特人奇跡般地完成神級逆轉取得東決的勝利，那勇士一定會在對手缺少以賽亞-托馬斯的情況下丟掉總決賽揭幕戰，因為他們會對于這樣的結果大失所望。小丑對于戰勝綠箭俠毫無興趣，他想虐的是蝙蝠俠，他要讓他甘拜下風。That's the Warriors.這就是勇士隊。

Or, maybe they're Count of Monte Cristo and LeBron is Danglars.It depends on where you stand.或者你也可以把他們看作基督山伯爵，勒布朗則是唐格拉斯，這取決于你站在哪一邊。There's joy in this moment, but not rapture.It never feels the same to go through unthreatened, to dominate without limitation, instead of having to truly overcome adversity.The Warriors have faced no adversity in these playoffs, and if they ever face it, it may come as a shock, unfamiliar and stark, like falling into cold water.現在勇士隊內必然充滿歡聲笑語，但絕不會欣喜若狂，畢竟太輕易就追到手的話總歸不夠刺激，唯有克服萬難后抱得美人歸才更有征服感。勇士的季后賽之旅太過于一帆風順，以致于當面臨真正的強敵時，他們很可能會慌了手腳，如同突然間掉入冰水一般束手無策。warriors Or maybe they'll just roll through the Cavs, too.That's entirely possible;this team is insanely good.不過他們說不準就順手把騎士也碾壓了，這完全有可能，畢竟這球隊太特么變態了。

But if you're looking to disparage Golden State's accomplishment, let's be clear on this point, and it is what I come back to time and time again regardless of who plays who and when...You play who's in front of you.但如果你打算以此來貶低勇士所取得的成就，那我得跟你說清楚，這點也是無論對陣雙方是誰，什么時間開戰，我都會一再強調的：遇上誰，你就打誰，沒得選。

The Warriors didn't get to choose to play Kawhi Leonard.Yes, yes, I know, Zaza Pachulia literally injured him;if you want to go down conspiracy lane, go to it, but it's not like it was a mastermind plot with Draymond Green giving Pachulia such instructions, probably.勇士遇上了倫納德，這沒得選。好吧，好吧，我知道扎扎-帕楚里亞確實弄傷了倫納德，如果你想扯陰謀論，沒人攔著你，但麻煩別說什么是格林指使他這樣做的這種話。

They played the Spurs, without Tony Parker, and then Leonard went down, and they played the Spurs without Leonard.That's who was in front of them, and they beat who was in front of them.他們一開始面對的是失去了托尼-帕克的馬刺，隨后倫納德不幸受傷，于是他們面對的變成了缺少了帕克和倫納德的馬刺。這就是他們遇上的對手，也是他們戰勝的對手。

Yes, we can talk about what might have happened and those questions are truly interesting given how San Antonio has played them this year at full strength.But they did not play them at full strength.They played them without Leonard, and they swept them.That is a fact, and it is what happened.我們可以扯一下如果論，這將是個有意思的話題，畢竟馬刺全員健康時面對勇士打出了令人嘆為觀止的表現。然而不幸的是，現在他們并非全員健康，失去了倫納德的他們慘遭橫掃，木已成舟，無法更改。

This season has not been “special.” The 2015-16 season was special.The 2014-15 season was special.This has been business.這個賽季說不上特別，此前的兩個賽季都很特別，而這個賽季一切波瀾不驚，這沒什么問題。And that's OK.You don't get to decide how it feels, and all that magic that the Warriors created last year led to a result that earned them the most brutal set of public mockery ever unleashed on a single team.The Atlanta Falcons' Super Bowl lead has nothing on 3-1.畢竟勇士上賽季雖然在常規賽中舉世震驚，但最終的結局卻淪為了體育史上最可悲的大眾笑柄，盡管亞特蘭大獵鷹隊在超級碗中也曾被恥辱逆轉，但畢竟他們沒有過3-1的大比分領先。

There's who the Warriors are, and there's how we experience them.If you're not a Golden State fan, we experience them as inevitability drawn to its furthest edge, the depravation of competition and uncertainty.這就是勇士隊，這就是我們所見證了其興衰的勇士隊。如果你不是一名勇士球迷，我來告訴你，他們正處于危急存亡之秋，而我們正在競技體育的殘酷性和不確定性面前戰戰兢兢。We know the outcome, we're just watching to see how bloody the horror film is.But that does not change who the Warriors are.我們很清楚，一旦無法奪冠將會是怎樣的腥風血雨，但無論怎樣，勇士還是勇士，不會改變。They are efficient, focused, disciplined, precise, devastating and in the moment of a highlight, truly thrilling.他們效率極高，充滿專注度和紀律性，辦事精確無誤，前進摧毀一切。在最緊要關頭，他們

足以令對手聞風喪膽。

The Warriors are an elite team, not just this year, but historically, and have just capped off the most dominant Western Conference finals run, regardless of opponent, in NBA history.勇士有著悠久而輝煌的歷史，而就在剛剛，他們打出了NBA歷史上最殘暴的西決統治。And they're Western Conference champions.現在，他們是西部冠軍。

There's work to be done, there's revenge to be had, there's an actual, maybe, possible challenge on the horizon in a familiar foe who crushed their dreams so badly they went out and got the second-best player in the league.前路漫漫，他們要做的還有很多。在總決賽中，他們的老對手，去年讓他們的努力化為南柯一夢的騎士，以及偉大的勒布朗-詹姆斯，也許終將帶給他們真正的挑戰。

But for right now, we have the Warriors, the best of the West, staking their claim to history, no matter how hard it may be to stay awake for their coronation.但勇士可是西部之王！縱使敵人無比強大，為了那場夢寐以求的加冕禮，他們必將全力以赴！

第二篇：美聯英語短新聞 韓國總統選舉開鑼

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South Koreans are heading to the polls to elect a new leader as they look to make a fresh start two months after former President Park Geun-hye was ousted over a sprawling corruption scandal.韓國人正前往投票站選舉新的領導人，在前總統樸槿惠(Park Geun-hye)因一樁不斷發酵的腐敗丑聞而遭罷免兩個月后，他們正尋求翻開新的一頁。

Record turnout is expected on Tuesday after Ms Park’s impeachment fuelled citizens’ civic sprit, as voters remain dismayed at the state of the country.樸槿惠被彈劾助長了韓國人的公民精神，周二這天的投票率有望創下紀錄。選民們對韓國的現狀仍感到失望。

The next president faces the daunting task of restoring trust in political institutions while reviving an economy plagued by surging household debt, high youth unemployment and stagnant wages.韓國下一任總統面臨的艱巨任務是，要在振興韓國經濟的同時，重建對韓國政治機構的信任。目前，韓國經濟受到不斷激增的家庭債務、居高不下的青年失業率及停滯不前的薪資水平的困擾。

According to opinion polls, Moon Jae-in, a liberal candidate with the Democratic party, holds a 20 percentage point lead over his two main rivals — Hong Joon-pyo，a conservative from Ms Park’s party and former provincial governor, and Ahn Cheol-soo, a centrist with the People’s party and former software mogul.民調顯示，共同民主黨(Democratic Party)自由派候選人文在寅(Moon Jae-in)的支持率領先他的兩個主要對手洪準杓(Hong Joon-pyo)和安哲秀(Ahn Cheol-soo)20個百分點。洪準杓是一名來自樸槿惠所在政黨的保守派人士，曾任慶尚南道知事。安哲秀是國民之黨(People's Party)中間派人士，曾是一名軟件業巨頭。

A victory for Mr Moon would end nine years of conservative rule by Ms Park and her predecessor Lee Myung-bak.Mr Moon served as chief of staff for late liberal president Roh Moo-hyun but he narrowly lost to Ms Park in the 2012 presidential election.文在寅一旦獲勝，將為樸槿惠及她前任李明博(Lee Myung-bak)長達九年的保守派統治畫上句號。文在寅曾任已故自由派總統盧武鉉(Roh Moo-hyun)的幕僚長，但在2012年的韓國總統選舉中，他以微弱劣勢敗給了樸槿惠。

Mr Moon, a former human rights lawyer and ex-leader of the main opposition party, has vowed to clean up government and big business in the graft-afflicted nation.He has also pledged to improve inter-Korean relations through more active engagement with North Korea, and is pursuing a two-track approach of dialogue and sanctions to resolve Pyongyang’s nuclear problems.文在寅當過人權律師，也是韓國主要反對黨的前黨首。他承諾要清理這個深受腐敗困擾的國家的政府和大企業，還承諾要以更積極的對朝接觸來改善韓朝關系。此外，他正尋求通過對

話和制裁雙管齊下的方式，解決朝核問題。

Voting stations nationwide opened at 6am local time with voter turnout standing at 14 per cent by 10am, according to the National Election Commission.Broadcasters will release the results of exit polls soon after the vote ends at 8pm, with a winner likely to emerge by 3am on Wednesday.韓國中央選舉管理委員會(National Election Commission)稱，全國各地的投票站于當地時間早上6時開門，到上午10時投票率達到14%。晚上8時投票結束后，廣播電視機構將發布出口民調結果，勝選者很可能會在周三凌晨3時前浮出水面。

Mr Moon, who has been criticised by conservatives for being soft on North Korea, has pledged to reconsider the installation of a US missile shield in South Korea amid an outcry over US President Donald Trump’s remarks that South Korea should pay $1bn for the defence system.韓國保守派批評文在寅對朝鮮態度軟弱。文在寅發誓要重新考慮在韓部署美國導彈防御系統的問題。美國總統唐納德?特朗普(Donald Trump)表示韓國應為該防御系統支付10億美元，這一說法遭到韓國人的公開抗議。

第三篇：美聯英語短新聞 德國銀行業歡迎中國投資

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The head of BaFin, Germany’s financial watchdog, said he welcomed Chinese investment in the German banking sector, a week after it emerged that Chinese conglomerate HNA had become the biggest single investor in Deutsche Bank.德國聯邦金融監管局(Bafin)局長表示，他歡迎中國在德國銀行業的投資，一周前有消息稱，中國綜合企業海航(HNA)已成為德意志銀行(Deutsche Bank)最大單一股東。

Chinese investors have spent billions of euros in Germany in the past few years, but have attracted increasing regulatory scrutiny of late, with the government last year stymieing a bid by a Chinese consortium for the chipmaker Aixtron on security grounds.最近幾年，中國投資者已在德國投資數十億歐元，但最近招致監管部門越來越多的審查。去年，德國政府以安全為由，否決了中國一財團對德國芯片制造商愛思強(Aixtron)的收購計劃。

Speaking at BaFin’s annual press conference in Frankfurt, Felix Hufeld said he saw Chinese investment as a vote of confidence in Germany’s banking sector.在德國聯邦金融監管局在法蘭克福的記者會上發表演講時，菲利克斯?胡費爾德(Felix Hufeld)表示，他認為中國的投資是對德國銀行業投下的信任票。

“It is basically a positive story that capital finds it interesting to invest in German

banks and of course [that includes] foreign capital, and of course [that includes] Chinese capital,” he said.“BaFin has no blacklist of which countries can in principle invest here.”

“這基本上是一個正面的故事，說明資本對投資德國銀行有興趣，當然（這包括）外國資本，當然（這包括）中國資本，”他表示，“德國聯邦金融監管局對于哪些國家原則上可以在我國投資沒有黑名單。”

HNA disclosed last week that it had boosted its stake in Deutsche to 9.9 per cent, putting it ahead of US investment group BlackRock, which has a 5.9 per cent stake.The Qatari royal family holds between 8 and 10 per cent of Germany’s largest lender via two investment vehicles.上周，海航披露，已將其在德意志銀行的持股比例增至9.9%，超過貝萊德(BlackRock)所持的5.9%持股。卡塔爾皇室家族通過兩個投資工具，持有這家德國最大銀行8%至10%的股權。

C-Quadrat, the asset manager through which HNA bought its stake, has made clear that HNA has no intention of raising its stake beyond 10 per cent, the threshold above which BaFin has to approve stake purchases.海航是通過資產管理公司C-Quadrat購入德意志銀行股份的。C-Quadrat明確表示，海航無意將其持股比例提高到10%以上；如果達到10%或以上，就必須得到德國聯邦金融監管局的批準。

Asked whether BaFin scrutinised investments such as HNA’s that came close to, but did not breach the 10 per cent threshold, Mr Hufeld said BaFin could not change the levels at which it was legally allowed to rule on investments, but stressed that

the watchdog was paying close attention to market developments.在被問及德國聯邦金融監管局會否關注海航這樣接近，但沒有超過，10%持股門檻的投資時，胡費爾德表示，該局無法改變其依法被允許審批投資的門檻，但他強調，該局正密切關注市場動向。

“We have carried out reviews very intensively in a series of cases.We take the owner control process very seriously,” he said.他表示：“我們在一系列個案中進行了非常深入的審查。我們非常認真地對待所有者控制過程。”

“[The arrival of foreign capital] is a general process of internationalisation of the investor base which we are also seeing in other industries, but which in a regulated industry like banking or finance triggers certain reviews?.?.?.?We look at what is happening, we meet such people [who want to invest], we want to get an impression [of them], we want to know who we are dealing with.”

“（外資的到來）是投資者基礎國際化這一總體過程的一部分，我們在其他行業也看到了，但在銀行業或金融業等受到監管的行業，這會觸發某些評估……我們正關注情況的發展，我們見了一些人（他們希望投資），我們希望對（他們）有一個印象，我們希望知道我們在同誰打交道。”

第四篇：美聯英語短新聞 馬克龍改革成敗的意義

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As Emmanuel Macron savours his victory in the French presidential election, he might consider the words of John Maynard Keynes in an open letter, written to Franklin Roosevelt in December 1933.The British economist told the US president: “You have made yourself the Trustee for those in every country who seek to mend the evils of our condition by reasoned experiment within the framework of the existing social system.If you fail, rational change will be gravely prejudiced throughout the world, leaving orthodoxy and revolution to fight it out.”

當埃馬紐埃爾·馬克龍(Emmanuel Macron)回味此次法國總統大選勝利時，他或許會思考約翰·梅納德·凱恩斯(John Maynard Keynes)在1933年12月寫給富蘭克林·羅斯福(Franklin Roosevelt)的一封公開信中的話。這位英國經濟學家對美國總統說：“您已經使您自己成為各國有志于在現行社會制度的框架內進行合理的實驗以改正我們所面臨的弊端的受托人。如果您失敗了，合乎理性的變革將在全世界蒙受嚴重的損失，而聽任正統力量與革命去一決雌雄。”

France does not have a global role comparable to the US.But it is certainly true that the success or failure of the new president will matter well beyond France — and even well beyond Europe.If Mr Macron succeeds, the forces of nationalism and political extremism — represented in France by his defeated opponent, Marine Le

Pen — will suffer a setback around the world.But if he fails, populism, nationalism and protectionism will soon be resurgent.法國在全球的角色無法與美國相提并論。但毫無疑問，法國新總統的成敗帶來的影響將遠遠超出法國，甚至遠超出歐洲。如果馬克龍成功了，各種民族主義、政治極端主義勢力——在法國以被他打敗的對手馬琳·勒龐(Marine Le Pen)為代表人物——將在世界各地遭遇挫敗。但如果他失敗的話，民粹主義、民族主義和保護主義很快將再度泛起。

For while Mr Macron can savour a crushing victory over Ms Le Pen, he also knows that 35 per cent of French voters have just voted for a far-right candidate.The cumulative vote for extremists of the far left and the far right in the first round of the presidential election was closer to 50 per cent.That means that almost half of French voters want to smash “the system”.因為，雖然馬克龍可以得意于對勒龐的壓倒性勝利，但他也深知，35%的法國選民剛剛把票投給了一位極右翼候選人。在首輪總統選舉投票中，極左和極右翼候選人合計得票接近50%。這意味著，幾乎一半的法國選民希望砸爛“體制”。

It is Mr Macron’s job to show that the system can work better.If he fails, then, as Keynes put it in the 1930s, “rational change will be gravely prejudiced throughout the world”.馬克龍肩負著如下責任：向民眾證明這一體制能夠運行得更好。如果他失敗了，那么——正如凱恩斯在上世紀30年代所言——“合乎理性的變革將在全世界蒙受嚴重的損失”。The chances of failure are quite high.Mr Macron has simultaneously to reinvigorate the French economy and the “European project”.Both are notoriously difficult to reform and face deep structural challenges that might defeat even the most

imaginative and dynamic politician.馬克龍失敗的可能性相當高。馬克龍必須同時重振法國經濟和“歐洲計劃(European project)”。兩者都是出了名的難以改革，還面臨著深層結構性挑戰，這些挑戰甚至可能讓最具想象力、最有活力的政治家沒招。

The tasks of reform at home and in Europe are linked.Unless he can demonstrate to the German government that France is genuinely changing, then the Germans are unlikely to take the risk on the much-deeper EU integration that Mr Macron thinks(probably correctly)is necessary to make the European single currency work.法國國內改革與歐洲改革的任務是相互關聯的。除非馬克龍能夠向德國政府證明法國真的正在變革，否則，德國人不大可能冒險推進更深層次的歐盟一體化，而馬克龍認為（他很可能正確）只有這樣做才能使歐洲單一貨幣成功。

At home, the challenges he faces are pretty obvious.The French state is abnormally large, with government spending accounting for 56 per cent of gross domestic product.The private sector is over-regulated and the public finances are over-stretched.Reducing the size of the state and making the labour market more flexible should help to generate jobs and economic growth.But any efforts at neoliberal reforms will inevitably face passionate resistance from the far left, the far right, the unions and a large part of the political establishment.Street demonstrations have stopped previous efforts at economic reform in their tracks for 20 years and more.在國內，馬克龍面臨的挑戰更顯而易見。法國政府異常龐大，政府支出占國內生產總值(GDP)的56%。私營部門受到過度監管，公共財政不堪重負。縮小政府規模、讓勞動力市場更具

彈性應該有助于創造就業和推動經濟增長。但是，任何新自由主義改革努力都將不可避免地遭到來自極左、極右、工會以及大部分政治建制力量的強烈抵制。在不止20年時間里，街頭示威已經一次次扼殺此前的經濟改革努力。

Mr Macron’s domestic political base is also fragile.He is, in some ways, an accidental president whose victory was achieved partly because the traditional centre-right and centre-left parties chose unelectable candidates, hamstrung either by extremism or by personal scandal.There is a strong chance that Mr Macron’s new political movement, En Marche!, may not gain enough seats in parliamentary elections in June to allow the new president to get his agenda through, without forming an unstable coalition.馬克龍在國內的政治基礎也比較脆弱。在某些程度上，他是一位意外當選的總統，他的勝選部分是因為傳統的中右翼和中左翼政黨選出了不太可能當選的候選人——要么是因為秉持極端主義，要么是因為個人的丑聞。馬克龍的新政治運動“前進”(En Marche!)很可能無法在6月的議會選舉中贏得足夠席位，除非他組建聯合政府（聯合政府是不穩定的），否則他將無法讓議會通過他的議程。

But Mr Macron’s position as a political newcomer could also be an advantage if he can carve out a new space in the political centre-ground.As a former minister in a Socialist government, Mr Macron could send a bold signal by appointing a prime minister from the opposite political tribe, the centre right.If he can pull in enough support from the right, while retaining the support of the reformist wing of the Socialist party, he could yet create the backing he needs to push through reforms — for example to the country’s 35-hour working week.但如果馬克龍可以為中間派開拓出一塊新空間，他作為政治新手的角色可能也是一項優勢。曾經在社會黨政府擔任部長的他，可能通過從對立的中右翼陣營中任命一位首相來發出一個大膽的信號。如果他可以從右翼獲得足夠支持，同時依然擁有社會黨改革派的支持，他可能會贏得推動改革（比如改革法國的35個小時工作制）所必需的支持。

The problem of opposition on the streets will be real and will have to be faced down.An early pay increase for the police, many of whom will have voted for Ms Le Pen, might be advisable.反對者走上街頭的問題是切實存在的，必須強硬面對。提早為警察加薪（很多警察可能把票投給了勒龐），或許是明智之舉。

If Mr Macron can demonstrate that he is really reforming France, he might then gain the credibility to go to Berlin and demand reforms to the EU.The government of Angela Merkel has been understandably wary of French calls for a loosening of austerity in Europe or for the issuing of common EU debt, believing that they ultimately come down to a desire that thrifty German taxpayers should fund the profligate French state.But there is also a growing awareness in some parts of the German government(the foreign ministry more than the finance ministry)that a failure to give some ground to France and Italy could ultimately prove disastrous for Germany itself, if it means that reformists like Mr Macron fail, and are replaced by radical populists such as Ms Le Pen.如果馬克龍可以證明他真的在改革法國，那他可能得到足夠的可信度，能夠前往柏林，要求

對歐盟進行改革。出于可以理解的理由，安格拉?默克爾(Angela Merkel)政府一直對法國的如下呼吁心存警惕：在歐洲放松緊縮；發行歐盟共同債務。默克爾政府認為，這些呼吁歸根結底是希望節儉的德國納稅人來資助肆意揮霍的法國政府。但德國政府部分部門也日益認識到（外交部的體會比財政部更深），如果不向法國和意大利做出一些讓步——如果這意味著像馬克龍這樣的改革派失敗了，被勒龐這樣的激進民粹主義者取而代之——可能最終對德國本身帶來災難性后果。

The election of Mr Macron will also be greeted warily in London, where it is feared that his passionate defence of the EU will translate into a particularly tough line on Brexit.But a more confident France and a revived EU might be less inclined to see Brexit as a mortal threat, and so more willing to strike a win-win deal that keeps markets open and alliances intact.倫敦方面也將謹慎地歡迎馬克龍的當選，前者擔心馬克龍保衛歐盟的熱情可能轉化為對英國退歐的強硬立場。但一個更自信的法國和一個復興的歐盟，可能會不那么傾向于把英國退歐視為致命威脅，因而更愿意敲定一份雙贏的協議，來保持市場的開放和聯盟關系的完好無損。There really is a lot riding on the success of President Macron — and not just in France.法國總統馬克龍的勝利確實關系著很多事情——不只是在法國。

第五篇：美聯英語短新聞 國際投資者關注中國壞賬市場

小編給你一個美聯英語官方免費試聽課申請鏈接： http://m.meten.com/test/waijiao.aspx?tid=16-73675-0 美聯英語提供：英語短新聞 國際投資者關注中國壞賬市場

ShoreVest Capital Partners says it has launched a $750m fund targeting bad debt in China as foreign interest builds in a market known for frustrating outside investors.新岸資本(ShoreVest Capital Partners)表示已推出一支7.5億美元的瞄準中國壞賬的基金。這個以令外部投資者受挫而著稱的市場，正引起外國投資者越來越大的興趣。

The Guangzhou-based firm said it has already raised cash from sovereign wealth funds and pension funds, tapping into still-nascent demand from global investors for non-performing loans in China.這家總部位于廣州的公司表示，利用全球投資者對中國正在萌生的不良貸款的需求，該公司已從主權財富基金和養老基金中籌集到資金。

At least three other global investors have moved into the market for China’s bad debt this year.今年至少還有其他三家國際投資機構進入了中國壞賬市場。

The country’s opaque legal system and problems connected to owning state assets have made recovering returns from bad debt in China a complicated task.Some foreign investors that have waded into the market in recent years have found local courts reluctant to allow foreign investors to restructure companies if jobs were at stake.中國不透明的法律制度以及擁有國有資產所涉及的問題，令從中國壞賬中獲取回報成為一項復雜任務。近年來一些涉足這個市場的外國投資者發現，如果就業受到威脅，地方法院不愿讓外國投資者重組企業。

The level of bad debt in China, however, has surged since 2013, bringing a surplus of NPL deals to the market and adding pressure on Beijing to resolve the problem.Moody’s recently downgraded China’s sovereign rating for the first time in 25 years in part over concerns regarding surging corporate debt levels.然而自2013年以來中國壞賬水平激增，導致該市場不良貸款交易過剩，也增加了北京方面解決這一問題的壓力。最近，穆迪(Moody’s)25年來首次下調了中國的主權信用評級，部分原因是出于對不斷飆升的公司債務水平的擔憂。

While the official rate of NPLs at Chinese commercial banks hovers below 2 per cent of total assets, analysts say the true figure could be as high as 15 per cent.ShoreVest estimates that China’s stock of bad debt has hit $3tn and the government has incentivised banks to deal with the load.雖然中國各商業銀行的官方不良貸款率低于2%，但分析師認為真實數字可能高達15%。新岸資本估計中國的壞賬存量已達3萬億美元，政府已鼓勵銀行對這些壞賬進行處理。Global banks started investing in China’s bad loans more than a decade ago and several succeeded in striking profitable deals.More recently, the number of transactions pulled off by outsider investors has remained small.At the same time, local distressed debt funds have sprung up, adding some competition at auctions for bad loan portfolios.國際銀行從十多年前開始投資中國的不良貸款，有多家曾成功達成交易并實現盈利。最近外

部投資者完成的交易數量仍然很少。同時本土不良債務基金紛紛涌現，給不良貸款組合的拍賣增加了一些競爭。

Despite the generally tepid sentiment on distressed debt investing in China, ShoreVest says some large global investors are coming around to the market.盡管對中國不良債務的總體投資熱度不高，但新岸資本表示一些大型國際投資者重新回到了該市場。

“When I raised our first fund 10 years ago, the only LPs [limited partners] interested in Chinese NPLs were those who were open to sophisticated niche strategies,” said Benjamin Fanger, ShoreVest managing partner.The asset class has since attracted a wider range of larger global investors, he said.新岸資本管理合伙人方杰明(Benjamin Fanger)表示：“10年前我籌建我們的第一支基金時，對中國不良貸款感興趣的有限責任合伙人(LP)只有那些能接受復雜利基策略的。”他說，該資產類別后來吸引了更廣泛的大型國際投資者。

Last week Bain Capital said it had bought a portfolio of bad loans from a Chinese asset management company for $200m, its first foray into bad debt in China.ShoreVest is acting as the master servicer for the acquisition, according to Bain.貝恩資本(Bain Capital)上周表示，已斥資2億美元從一家中國資產管理公司收購了一個不良貸款組合，這是該公司首次涉足中國壞賬市場。據貝恩資本表示，新岸資本是這筆收購的總服務商(master servicer)。

In early 2017, US private equity firm Lone Star and Hong Kong peer PAG began buying non-performing loan portfolios in China, according to several people familiar with the matter, marking the first time in years that new global investors

have pushed into the market without a large mainland partner.At the time, PAG said the volume of NPL deals coming on to the market was increasing significantly.據多位知情人士透露，2017年初，美國私募股權投資公司孤星(Lone Star)和香港同行太盟投資集團(PAG)開始在中國購買不良貸款組合，標志著多年來首次有新的國際投資者在沒有大型內地合作伙伴的情況下進入該市場。太盟投資表示，目前進入該市場的不良貸款交易數量正在顯著增加。

ShoreVest began buying NPL portfolios in China in November.The group was formed by Mr Fanger, a long-time China distressed debt investor, after the split-up of an earlier fund.新岸資本從去年11月份開始在中國購買不良貸款。該集團由長期投資于中國壞債的方杰明在早前一支基金分拆后創建。

Some consultants expressed scepticism on the level of global interest in China’s toxic loans and say that, as many investors have long feared, the returns on such investments have continued to fall below expectations.一些咨詢顧問對中國不良貸款吸引的國際投資意向不看好，他們表示，正如許多投資者長期以來所擔憂的，這種投資的回報仍持續低于預期。

“I actually don’t think it is increasing right now,” Ted Osborn, a partner at PwC in Hong Kong, said of the overall sentiment for investments in distressed debt in China.“There are six to eight funds that have dedicated some people to finding deals but they aren’t actually finding much.Returns just aren’t there at the

moment.”

普華永道(PwC)駐香港合伙人區兆邦(Ted Osborn)在提到中國不良貸款投資的整體情緒時表示：“實際上我并不認為整體環境正在升溫。有6到8支基金配備了一些人手去找交易，但他們實際找到的并不多。眼下根本沒有什么回報。”