根据塔索斯·沃索斯（Tasos Vossos）的报道，由于人们对法国财政和政治局势的担忧不断蔓延至信贷市场，为法国银行的债券提供违约保险的成本已经超过了其他欧洲银行的保险成本。
The cost of insuring French banks’ bonds against default has jumped above that of other European lenders as concerns about France’s fiscal and political situation spill over into credit markets.
根据彭博社（Bloomberg）汇编的数据，为法国兴业银行（Société Generale SA）发行的1000万欧元（约合1120万美元）高级债券提供五年期违约保险的年费用在周一达到了10.3万欧元，比为德意志银行（Deutsche Bank AG）发行的类似债券提供保险的费用高出约1.65万欧元。就在8月底时，这两者的保险费用还是一样的。
The annual cost of protecting €10 million ($11.2 million) of Societe Generale SA’s bail-in senior debt for five years reached €103,000 on Monday, about €16,500 more than insuring similar debt issued by Deutsche Bank AG, according to data compiled by Bloomberg. As recently as late August, the cost was identical.
数据显示，法国巴黎银行（BNP Paribas SA）和法国农业信贷银行（Credit Agricole SA）的信用违约互换（CDS）利差也远高于英国、德国、瑞士和西班牙的主要银行的相应利差。
The credit-default swap spreads of BNP Paribas SA and Credit Agricole SA are also far above those of major banks in the UK, Germany, Switzerland and Spain, the data show.
这种巨大的价格差异发生在法国面临严重的财政和政治动荡之际。上周提出的预算案被法国的财政监管机构称为“乐观的”，但投资者们在明年总统大选前夕仍感到紧张不安；最近的民意调查显示，大选可能会在极右翼候选人玛丽娜·勒庞（Marine Le Pen）和极左翼候选人让-吕克·梅朗雄（Jean-Luc Mélenchon）之间进行第二轮决选。
The yawning gap comes as France is gripped by fiscal and political volatility. Last week’s budget proposal was described as “optimistic” by the nation’s fiscal watchdog, while investors are also on edge ahead of next year’s presidential election, with recent polling indicating it may come down to a second-round runoff between the far-right front-runner Marine Le Pen and far-left rival Jean-Luc Mélenchon.
近几个月来，法国的10年期国债收益率大幅上升，投资者为持有这些债券而支付的溢价也达到了自欧元区债务危机以来的最高水平。
France’s 10-year yield has surged in recent months, while the premium investors charge to hold those bonds over equivalent German bunds recently hit the highest level since the euro area debt crisis.
关键信息：法国的债券危机正在加剧，投资者纷纷选择撤离市场。
Read: France’s Bond Crisis Deepens as Investors Head for the Exit“Higher rates, renewed fiscal concerns and mounting uncertainty have finally broken the recent calm in euro credit,” ING Bank strategists Jeroen van den Broek and Timothy Rahill wrote in a note to clients on Monday.
ING银行的策略师Jeroen van den Broek和Timothy Rahill在周一发给客户的一份报告中写道：“更高的利率、重新浮现的财政问题以及日益加剧的不确定性最终打破了欧元区信贷市场的平静局面。这种负面趋势在法国债券市场中表现得最为明显，同时也波及到了其他欧洲边缘国家。”银行们要么直接持有法国政府债券，要么通过贷款受到法国经济政策的间接影响而面临风险。
“The weakness has been most pronounced in French risk but has also spilled over into the peripheral.”Banks have skin in the game either through holdings of sovereign debt or by their loans being exposed to the indirect effect of economic policies.
早在今年9月之前，法国最大几家银行的信用违约互换（CDS）利差就已经高于欧洲其他同行；政治风险其实已经潜伏了几年，最近几周才进一步升级。
The CDS spreads of France’s largest banks were already higher than those of European peers going into September as political risk has been simmering for a couple of years before escalating in recent weeks.