Bond yields have fallen, but the credit crunch for small firms is worsening.

尽管债券收益率下降，但小企业的信贷紧缩仍不断恶化。

It's the effect this shortage of money has which is called the credit crunch.

信贷紧缩是指这种资金短缺带来的影响。

Although official interest rates are low, firms in southern Europe are suffering a cruel credit crunch.

尽管官方利率仍然很低，南欧企业正遭受着一场残酷的信贷紧缩。

So, could the world see a return to the so-called " credit crunch" that followed the 2008 financial crisis?

那么，全世界是否会退回所谓的“信用恐慌”，重蹈2008年经济危机的覆辙？

And if GDP growth does not revive, the problems of Spanish banks and the credit crunch will quickly return.

如果GDP增长不会复苏，西班牙银行和信贷紧缩的问题将再度出现。

Now Chris, obviously we're seeing the words " credit crunch" appear increasingly in headlines.

克里斯，显然我们看到“信贷紧缩” 一词越来越多地出现在头条新闻中。

The US credit crunch is causing an uptick in corporate bankruptcies.

美国信贷紧缩导致企业破产数量上升。

" Elsewhere, yields are still relatively low at the moment, so we are not running into this kind of credit crunch situation."

在其他地方，目前的收益率仍然比较低，所以我们不会陷入这种信用恐慌的境地。”

A credit crunch means banks have a shortage of money to loan people, which in turn has an effect on many other things.

信贷紧缩是指银行可以贷给人们的资金不足，因而在许多其他方面也造成了影响。

As I'm sure you're all aware, with the credit crunch, and the global financial crisis, we're obligated to look for more cost efficient ways of producing our goods.

我想大家都知道，由于信贷紧缩和全球金融危机，我们有必要寻找更具成本效益的生产方式。