翻译硕士考研者，在暑期阶段需要看双语阅读文章，来提升阅读水平和翻译能力。下面，北京文都考研网为助力翻译硕士学子们在备考上一臂之力，整理了MTI双语阅读精选文章:印度解救较大影子银行，供考生参考。
2020考研MTI双语阅读精选:印度解救较大影子银行
CAN a big financial firm’s credit rating fall from AAA one month—good enough for pension funds and life insurers—to junk the next without causing a crash? India’s government decided it did not want to find out. Last week it granted Infrastructure Leasing and Financial Services (IL&FS), one of India’s biggest shadow banks, a parachute. Plenty are worrying that it will not be enough.
一家大型金融企业的信用评级从上个月的AAA级——这在养老基金和人寿保险公司中表现上佳——到了下个月却跌到了垃圾级，而股价却还没有崩盘，有可能吗?印度政府选择睁一只眼闭一只眼。上周，印度政府出手解救印度最大的影子银行基础设施租赁和金融服务公司(IL&FS)，不过，很多人担心这远远不够。
As recently as early September, IL&FS raised few concerns. A couple of weeks later it had defaulted on several payments to creditors. By the end of the month it had said it would raise 45bn rupees ($630m) of fresh capital through a rights issue from its owners, including the Life Insurance Corporation of India, a state-owned insurer. On October 1st the government forced out the board and appointed a new one. It was, in effect, a shadow-bank bail-out.
就在9月初，没人对担心IL&FS的情况。几周后，该人公司出现了多几笔债务违约事件。到了九月底，该公司表示将通过向股东(包括国有保险企业印度人寿保险公司)增发新股，筹集450亿卢比(合6.3亿美元)的新资本。10月1日，印度政府解散了该公司董事会并任命了一个新董事会。实际上，此举是为影子银行纾困。
IL&FS is a very Indian beast. It was founded in 1987, with the support of state-owned banks, to provide finance to local governments for infrastructure. It has grown into a vast conglomerate, with 169 group companies. It finances, builds and runs everything from toll roads to “smart cities”, not just in India but abroad. Though it is private, the projects it runs, and the roughly 40% of its equity that is owned by nationalised firms, make it what Indian analysts call “quasi-sovereign”. If it went bust, projects across the country would stall, leaving taxpayers on the hook.
IL&FS是典型印度大企业，成立于1987年，在国有银行的支持下，为地方政府提供基础设施融资。它发展成为一个庞大的企业集团，拥有169家集团公司，业务范围极广，涵盖从收费公路到“智慧城市”的融资、建设和运营，均有涉猎。虽然是一家私营企业，它所运营的项目，以及大约40%的股权均由国有企业持有，这使其成为印度分析家口中的“准主权投资机构”。如果它破产，印度各地的项目将陷入停滞，纳税人也将陷入困境。
As India’s state-owned banks have sought to repair their ropy balance-sheets, IL&FS, which lends but does not take deposits, grew to satisfy demand for infrastructure finance. Its own debt nearly doubled from 2014 to 2018, to 910bn rupees. It used to borrow mainly from banks. Recently it has turned to the corporate-bond market. More than a third of its debt falls due within 12 months, up from a fifth a year ago. The problem is that most of its assets are long-term, illiquid projects. This year interest due overtook operating profit; hence the cash crunch.
当印度国有银行还在为它们的资产负债表堵缺补漏时，只贷而不存的IL&FS越发地满足基础设施融资的需求。从2014年到2018年，IL&FS的债务几乎翻了一番，达到9100亿卢比。它过去主要从银行借款，最近它转向了公司债券市场。IL&FS逾三分之一的债务将在12个月内到期，高于一年前的五分之一。问题在于它的大部分资产都是长期的、非流动性的项目。今年到期的利息超过了营业利润，因而出现了现金短缺。
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. Some, such as GIFT City, a pet project of Narendra Modi, the prime minister, in Gujarat, look like white elephants. More than half of IL&FS’s receivables are tied up in claims about delays, termination payments and the like. The government has accused the management of being “well aware of the precarious and critical financial position”, but continuing to present “a hunky-dory scenario which was just a mirage”. India’s Serious Fraud Investigations Office is investigating.
没人会认为流动性风险是该公司唯一出现的问题。即使在其信用良好时期，它的项目支出也常常超出预算。其中一些项目，如总理纳伦德拉•莫迪所钟爱的古吉拉特邦的“GIFT City”(礼物之城)，看起来就像是形象工程。IL&FS一半以上的应收款与延期、到期付款等有关。印度政府指责公司管理层“充分意识到财务状况的不稳定”，却仍在继续呈现“一个完美的场景，而这只是一种幻想”。印度严重欺诈调查署正在调查该公司。
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. Bad debt in the regulated and largely publicly owned banking sector is rising. Last year the government had to recapitalise state-owned banks to the tune of 2.1trn rupees. Shadow banks offer a new festering mess. In recent years they have provided more credit to the commercial sector than banks have. Either India’s fast-growing mutual funds and insurers, which own much of IL&FS’s debt, have been judging risk inaccurately, or they know full well what they have been doing but expect the government to step in.
印度央行印度储备银行的官员们对银行体系之外(而不仅仅是银行体系内部)的风险感到不安。受监管且大部分是上市的银行业的坏账正在上升。去年，政府不得不对国有银行进行2.1万亿卢比的资本重组。影子银行是另一个正在溃烂的烂摊子。近年来，它们为商业领域提供的信贷超过了银行。要么是印度快速增长的共同基金和保险公司(它们持有IL&FS的大部分债务)一直在错误地判断风险，要么是它们完全清楚自己在做什么，即希望印度政府会介入。
A cash infusion will win IL&FS and the government a few months. That will allow the revamped board to appoint new management, assess losses and start selling assets to pay down debt. The government may seek to clear obstacles in the way of those of its projects that could be made profitable. 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?
现金注入将为IL&FS和印度政府赢得几个月的时间。这将使改组的董事会能够任命新的管理层，评估损失并开始出售资产以偿还债务。 印度政府可能会设法为有利可图的项目清除障碍。与此同时，资本市场很紧张。其他非银行的借贷企业的股票已然崩盘。接下来会是谁寻找印度政府扶持以缓冲下跌呢?
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