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1·How to conjure a bigger EFSF without more taxpayers' money?

如何在不利用纳税人钱财的情况下使得EFSF更加庞大呢？

2·A case in point is the European Financial Stability Facility (EFSF).

这应提到欧洲金融稳定基金。

3·But under the European plan, the only backstop is the principal in the EFSF.

但在欧洲的计划中，唯一的后盾是EFSF的本金。

4·Leveraging the EFSF would raise the risk to the countries that underwrite it.

将EFSF的资金杠杆化会提升保证其资金的国家的风险。

5·Furthermore, Germany doesn't seem too keen on expanding the size of the EFSF.

此外，德国对于扩大EFSF的规模似乎兴致不高。

6·In any case, the EFSF must be authorised to make secondary-market bond purchases.

无论如何都必须授权EFSF在二级市场上购买债券。

7·The ECB would provide leverage, but any initial losses would be borne by the EFSF.

欧洲央行可以提供杠杆，但是最初的损失将由欧洲金融稳定基金承担。

8·How to expand the EFSF again is at the heart of the troubles vexing European leaders.

如何实现EFSF再次扩容是最让欧洲领导人头疼的事情。

9·Eventually, the markets will have to contend with what happens after the EFSF is tapped out.

最终，市场将不得不考虑EFSF用尽之后将会出现的局面。

10·First, it is not clear yet precisely how the EFSF will be leveraged to 1 trillion euros.

首先，前景不明朗，尤其是欧洲稳定基金讲如何利用1万亿欧元。