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50. on the basis of the information provided so far, the commission tends to believe that the measures constitute new aid and not existing aid.
50. on the basis of the information provided so far, the commission tends to believe that the measures constitute new aid and not existing aid.
i'm still very young and i have a lot to learn, but i believe that i am getting closer and improving all the time."
noch bin ich relativ jung und habe noch viel zu lernen aber ich weiß ich werde von spiel zu spiel besser und erfahrener."
it would be fair to conclude that the exigencies of the stability and growth pact are not propelling ireland to take stronger measures than its government explicitly and social partners implicitly believe are necessary anyway to safeguard the irish economy’s future.
it would be fair to conclude that the exigencies of the stability and growth pact are not propelling ireland to take stronger measures than its government explicitly and social partners implicitly believe are necessary anyway to safeguard the irish economy's future.
patrz na przykład str. 9 cytowanego wcześniej raportu goldmana sachsa z dnia 22 lipca 2002 r.: „jeżeli obligacje te przeszłyby z poziomu inwestycyjnego o stałym zwrocie do poziomu spekulatywnego, tzn. o wysokiej rentowności, zalałyby obecny rynek europejski obligacjami o wysokiej rentowności(…) [i] sądzimy, że inwestorom europejskim byłoby trudno wchłonąć całość obligacji france télécom”. ( „if these bonds moved from the investment grade segment of the fixed income market, to ‘junk’, i.e. high yield, they would swamp the current european high yield market(…) [and] we believe it would be difficult for the existing european investor base alone to absorb all france telecom bonds ”.)
siehe z. b. s. 9 des bereits zitierten berichts von goldman sachs vom 22. juli 2002: „sollten diese obligationen aus dem investment-grade-segment des rentenmarkts in die kategorie der hochspekulativen, d. h. ertragreichen wertpapiere abrutschen, würden sie den aktuellen europäischen markt der hochverzinslichen wertpapiere überschwemmen (...) [und] es würde unserer meinung nach den europäischen anlegern schwer fallen, sämtliche obligationen von france télécom aufzunehmen“. ( ‘if these bonds moved from the investment grade segment of the fixed income market, to “junk”, i.e. high yield, they would swamp the current european high yield market(…) [and] we believe it would be difficult for the existing european investor base alone to absorb all france telecom bonds ’.)