It is worth paying a high price to stave off a liquidity crisis over new year: better that weak banks are able to borrow at the same rates as strong ones than that they are not able to borrow at all.

• 为了避免在新的一年出现流动性危机，付出如此高昂的代价是完全值得的：对弱小的银行来说，能够以与强大的银行相同的利率借款，比完全借不到不知好上多少。