It is difficult to see how the cycle of austerity, economic contraction, contagion, and financial retrenchment can be broken without the promise of substantial ECB support for sovereign debts.

如果欧洲央行不为这些主权债务提供实质上的支持，我们很难看到如何打破这一轮严酷的经济收缩，金融风暴，以及财政紧缩的循环。

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This kind of understanding has great significance in solving many problems in educational practice for our nation under the background of the current global education financial retrenchment.

这种诠释，在当今全球教育财政普遍紧缩的背景下，对解决我国教育实践中诸多问题具有重要意义。

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Not with the financial system in virtual lockdown, and much of the world in a similar state of retrenchment, shrinking demand for American goods and services.

处于实质防备状态的金融系统不允许节俭，况且几乎全球都处于类似的需求紧缩状态，对美国产品和服务需求也在减少。

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Was this the beginning of the next Great Depression or just a brief period of financial retrenchment?

FORBES: Can We Prevent Another Lehman?

The lower stock bonus for Mr. Blankfein accentuates a year of financial-industry retrenchment, and comes as public sentiment against bankers and big pay packages has risen.

WSJ: Goldman Cuts Blankfein's Bonus

Do our modern day econometric models have the ability to understand the impacts of fiscal retrenchment after a financial crisis having been calibrated in a period of excessive leverage?

FORBES: All Signs Point To Gold