No, I don't mean a looming default by a sovereign nation that has all of Europe scared.

请不要误解，我说的不是正在迫近、让整个欧洲都惊恐不安的某个主权国家的债务违约。

youdao

They assumed no sovereign debt default.

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As I explained the last time this became a live issue, there is really no chance that the US will default on its sovereign debt.

BBC: Obama puts a trusted man at the Treasury

No prize for predicting the winner: Reform may not be popular, but sovereign default is inconceivable in France, a country that did not have one in 200 years.

CNN: Economy: Unspoken issue in French election