意大利和西班牙遭受打击并不是因为他们的财政突然恶化，而是因为投资者担心他们有可能被迫违约。
Italy and Spain are under attack not because their finances have suddenly deteriorated, but because investors fret that they may be forced to default.
然而投资者以为，像这样一个国有公司不会债务违约的。
But investors assumed that as a state-owned company it would not default on its debt.
他采取的措施有利于他让投资者确信他的国家不是一个有着潜在违约风险的国家。
The measures he took helped to convince investors that his country was not a potential default risk.
信用违约互换是投资者对冲或押注无法偿还债务企业的金融衍生品。
Credit default swaps are derivatives that investors use to protect against, or bet on, an entity being unable to repay its debts.
顺便要说的是，英国的财政赤字和债务跟西班牙相当，但投资人并不认为存在违约风险。
By the way, so does Britain, whose deficits and debt are comparable to Spain's, but which investors don't see as a default risk.
2008年，下跌中的市场带来这样一个恶性循环：股价下跌导致债务违约和投资者的火线抛售，这又使得股价进一步下跌。
In 2008, falling markets caused a vicious circle of debt defaults and fire sales by investors, pushing asset prices down even further.
理论上，这种交易长期来看是不可持续的，高收益只不过是为违约风险的投资者做补偿。
In theory this trade should not be sustainable in the longer term; the higher yields should merely compensate investors for the default risk.
原因在于投资者的总回报不仅取决于违约率，也取决于回收率，换句话说，也就是公司倒闭时投资者能获得的返还有多少。
The total return of investors is dependent not just on the default rate, but on the recovery rate when companies collapse; in other words, how much investors get paid back.
而且实际上很长时间里这些垃圾债券的额外收益，远高于违约的风险给投资者带来的损失。
And indeed over time the extra yield offered by these bonds more than compensated investors for the risk of default.
随着希腊公债利息飙升，投资者对希腊免于债务违约及留在欧元区的能力缺乏信心，这种信心缺乏对市场情绪产生了重大压力。
With Greek bond yields off the chart, the lack of investor confidence in the ability of Greece to avoid a default on its debt and remain in the euro zone weighed on market sentiment.
如果某个国家违约，投资者们将抛售其他国家的债券。
If one country defaults, investors will dump bonds of others.
向投资者销售基于抵押物的潘德·布雷夫债券的银行承担所有违约风险，这样促使银行谨慎地承销售债券。
The bank that sells a mortgage-backed Pfandbrief to investors retains all the risk of default, giving it the incentive to underwrite cautiously.
这意味着希腊的借贷成本飙升，因为投资人将不得不为防止债务违约而花更多的钱投保。
This means that Greece's cost of borrowing will increase sharply because investors will have to pay much more to insure the debt against default.
2007年初公司债券的利差实在是低的离谱。对于可能的违约水平，回报是无法弥补投资者的风险的。
Indeed, by early 2007 corporate-bond spreads were ridiculously low, offering a return that failed to compensate investors for the likely level of defaults.
投资者担心，如果在衍生品上遭受损失的公司发生贷款违约，银行可能会遭殃。
Investors were concerned that Banks could suffer if companies with derivatives losses default on their loans.
过去十年来债券收益的过度“收敛”随着投资者受到国债违约的威胁而转变。
The excessive “convergence” of bond yields over the decade reversed as investors have factored in the risk of sovereign default.
假如投资者计划购买证券和长期持有的话，违约风险就是投资者应该真正最关心的问题。
Default risk is truly the largest concern a bond investor should have if they plan to buy a bond and hold it to maturity.
上周四，美国股市出现大幅抛售，根源或许来自欧洲，因为对意大利和西班牙主权债务违约的担忧造成市场恐慌，投资者纷纷抛售股票以避免损失。
The massive selloff in U.S. markets on Thursday appears rooted in Europe as fears of a sovereign debt default in Italy and Spain caused traders to panic and run for cover.
投资者原本认为，随着房屋所有者试图甩掉手中的房产以及借款者的违约，这将意味着会有大量房产涌入市场。
Investors had assumed that this would mean a flood of properties coming onto the market as owners tried to offload their buildings and borrowers breached their covenants.
私人投资者正在悄悄的来开这个违约和贬值马上就要来临的地方，经济增长的机会变得微乎其微。
Private investors are shying away from a place where default and devaluation seem imminent, giving the economy little chance of growing.
另外，工业化国家实行有序违约没有先例，这也是欧元区事态令投资者感到担忧的原因之一。
What's more, orderly defaults in industrialized nations are essentially unprecedented, which partly explains why investors are so spooked by what's happening in the eurozone.
虽然违约对家庭来说很痛苦，对银行和投资者而言则代价高昂，但经济学家称违约也会加速金融行业的康复进程，而这对经济恢复强劲增长是非常必要的。
While the defaults are painful for families and costly to Banks and investors, economists say they are also speeding the financial rehabilitation necessary for a return to robust growth.
该机构还称，经验丰富的投资者理解市政债券的违约可能性要比评级相同的公司债券低。
The agency argued that sophisticated investors understood that municipal issues were less likely to default than similarly rated corporate issues.
这些能成立的关键因素是：甚至在借款者违约的情况下，投资者都能得到款项偿还的保证——最终转嫁到纳税人身上的保证。
The key to that success is the guarantee that investors will be repaid even if borrowers default - a promise ultimately backed by taxpayers.
认为欧元区内国家几乎有着同等违约风险的投资者们现在都依赖于新兴市场柜面来分析他们所承担的信用风险。
Investors who had assumed an almost equal risk of default among euro-zone countries are now relying on emerging-markets desks to help them understand the credit risks they are taking.
积虑日深，全球投资者不大愿意忍受违约的风险还有新兴市场的上跳下窜。
The gathering unease has left global investors less willing to tolerate the risks associated with volatile emerging economies.
积虑日深，全球投资者不大愿意忍受违约的风险还有新兴市场的上跳下窜。
The gathering unease has left global investors less willing to tolerate the risks associated with volatile emerging economies.
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