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Investors piled into peripheral eurozone debt yesterday ahead of the European Central Bank’s widely expected launch of large-scale bond purchases, even as political resentment mounted over German attempts to water down the programme.
在欧洲央行(ECB)推出市场普遍预期的大规模债券购买计划之前，投资者昨日大举认购欧元区外围国家债券，尽管欧洲政界对德国试图削弱该计划的不满加剧。
Spain made one of its largest ever bond sales at a record low rate, drawing investor orders of close to 23bn from around the world. Last year, Spain paid close to 4 per cent to borrow money for 10 years: yesterday it paid 1.66 per cent.
西班牙以创纪录低位的收益率完成了该国规模最大的债券发行之一，吸引了全球投资者近230亿欧元的买单。去年，西班牙10年期国债的收益率达到近4%，昨日为1.66%。
Expectations that the ECB will tomorrow launch quantitative easing have driven up demand for government bonds in the eurozone, pushing yields down to historic lows. Countries in the periphery have moved to take advantage by locking in the low rates.
对欧洲央行明日出台量化宽松政策的预期，推高了市场对欧元区成员国政府债券的需求，使收益率降至历史低点。欧元区外围国家纷纷采取措施利用这一机会。
As investors cheer, politicians and bankers across Europe are expressing mounting frustration over a key concession the ECB is set to make to mollify German opposition to the QE plan.
在投资者欢呼之际，为缓和德国对量化宽松政策的反对，欧洲央行即将做出一项重要让步，欧洲政治人士和银行人士对此感到愈发失望。
The expected announcement by Mario Draghi, the ECB president, will bring the bank closer into line with the US Federal Reserve and the Bank of England, which adopted QE in the wake of the financial crisis. But QE has split the bank’s 25-strong governing council, with both German members voicing opposition in recent weeks.
欧洲央行行长马里奥•德拉吉(Mario Draghi)预计将发表的声明，将令欧洲央行的举措更接近美联储(Fed)和英国央行(Bank of England)的步调，后两家央行在金融危机之后都实施了量化宽松政策。但欧洲央行由25人组成的管理委员会对于量宽政策产生分歧，两名德国成员最近几周提出反对。
To appease QE’s German opponents, which include the chancellor Angela Merkel herself, Mr Draghi is expected to say that bonds bought will remain with national central banks, so losses will not be spread among eurozone members.
为了安抚量化宽松政策的德国反对者，其中包括德国总理安格拉•默克尔(Angela Merkel)，预计德拉吉将表示，将由各成员国央行负责购买债券，这样损失将不会在成员国之间蔓延。
But other eurozone countries, as well as the International Monetary Fund, fear the concession could reduce QE’s effectiveness.
但其他欧元区国家以及国际货币基金(IMF)担心，这一让步将减弱量化宽松政策的效果。
