求翻译：政府和电信监管机构的决策失误使法国电信在购买3G牌照时又一次陷入更深的困境。对于3G牌照，法国政府和管制机构原来本不打算启用拍卖方式，而是决定采用“选秀”竞标的方法。但在泡沫经济发泡时，法国政府主管当局经不起英国、德国的拍卖诱惑，最终放弃了“选秀”竞标方法，人云亦云地选择了疯狂的拍卖方式。法国电信不但高价购买了国内的3G牌照，同时还购买了欧盟其他成员的3G牌照，意在抢占泛欧3G市场。现在看来，被商家炒得沸沸扬扬的3G市场，直到今天仍然未成熟，许多运营商却为它付出了沉重的代价，法国电信就是其中之一，它负债达到了569亿美元，经营状况明显滑落。在股票市场上，这家欧洲第二大电信公司今年已经在市值上损失了300亿欧元（281亿美元），这是由于该公司在股价直线上升时进行收购而带来开销导致了创记录的亏损和债务的增加。现在，法国电信被迫以9．5亿欧元（8．9亿美元）的价格回购其移动通信子公司Orange的全部股票。该价格比市场价高出了64％。难怪美林公司2002年6月建议投资者尽快抛售法国电信的股票。是什么意思？

Mistakes in decision-making in Government and telecom regulators enable France Telecom to buy 3G license again when you get into deeper trouble. 3G license, France originally did not intend to enable and control agencies of the Government auction, but decided to use "xuanxiu" method of bidding. But when the bubble foam, France Government authorities cannot stand United Kingdom, and Germany temptation of auctions, eventually abandoned the "xuanxiu" method of bidding, to conform to choose a frenzied auction. France Telecom not only pay the domestic 3G licence 3G licence and purchased the other members of the European Union, intended to preempt a pan-European 3G market. Now, businesses have generated heated discussions of 3G market, until today, still not mature, many carriers are paid a heavy price for it, France Telecom is one of them, its debt reached US $ 56.9 billion, operating conditions clearly falls off. On the stock market, the Europe's second-largest telecommunications company, has been on the market value loss this year of 30 billion euros (US $ 28.1 billion), this is due to the company's share price soared bring overhead when acquisitions led to a record increase of losses and debts. Now, France Telecom was forced to 9. 500 million euros (8. US $ 900 million) price of all the stock repurchase its mobile subsidiary Orange. The price was higher than the market price of 64%. It is no wonder that Merrill Lynch as soon as June 2002 recommended investors sell France Telecom shares.