As a result, global pension funds, insurers, and Banks are dumping Spanish and Italian bonds, threatening to drive rates to ruinous levels.

因此，全球养老金基金、保险公司和银行纷纷抛售西班牙和意大利国债，使其国债收益率一路飙升，直指灾难性的高位。

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The more risk the pension fund takes (for example, by buying high-yielding bonds of companies with poor credit ratings), the lower its liabilities appear to be.

就像购买低信誉高收益率公司的债券一样，养老金基金承担的风险越大，它的未来债务额就显得越小。

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Most of Peru's 32-year bonds were reportedly picked up by local pension funds.

据称，大部分秘鲁的32年期债券是由养老金基金会买下的。

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But this gamble can backfire, as it did for New Jersey, which issued pension bonds in 1997 and suffered when the technology bubble burst.

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In other words, the employees, both union and management, general and public safety, are right now paying off the pension obligation bonds.

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In this case, management bargained harder: the agreement was to issue pension obligation bonds that changed the amortization period from 12 to 18 years, and for wages to be redirected to paying the bondholders for an 18 year period.

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