Mired in economic crisis, Lebanon did not repay a $1.2bn Eurobond, defaulting on its debts for the first time.

陷入经济危机困境的黎巴嫩没有偿还12亿美元的欧元债券，这是其首次拖欠债务。

Last month they alighted on Ghana, which issued $3bn-worth of Eurobonds, as dollar bonds issued outside America are known.

上个月，他们盯上了加纳，加纳发行了价值30亿美元的欧洲债券(即在美国以外发行的美元债券)。

To introduce Eurobonds as a crisis-fighting measure would only encourage less creditworthy countries in their spend thrift ways.

以欧洲债券作为抗危机措施，只会助长信誉度较低的成员国挥霍无度的气焰。

Fifty years ago, a tax to discourage Americans from investing in foreign securities spawned the Eurobond market and launched London's rise as a financial centre.

50年前颁布的那项税法，阻止了美国人民投资孕育了欧洲债券市场的外国债券，将崛起的伦敦设为国际金融中心。

Translated, that means politicians intervening in monetary policy and a system of redistribution from richer to poorer members, via cheaper borrowing for governments through common Eurobonds or complete fiscal transfers.

这意味着政治家们会干预货币政策和可实现资金从较富裕成员国流向较贫穷成员国的再分配体系，这种（资金）再分配是经由政府通过普通欧洲债券或彻底的财政转移进行低息借款而实现的。

Ghana may be exotic but it is also risky. Its government debt-to-GDP ratio was a hefty 78% in 2020. With such risks come rewards: the yields on Ghana's new Eurobonds were roughly 8-9%.

加纳可能怀有异国情调，但它也有风险。2020年，其政府债务与GDP之比高达78%。这样的风险带来了回报：加纳新发行的欧元债券的收益率约为8-9%。