第一部分，理论分析：如何理解国债风险。
The first part, theoretic analysis: How to understand the risk of national debt?
你可以花2000买国债，国债风险相对较小。
You can buy 2000 yuan for China Treasuries and the risk is relatively low.
国债风险可归纳为数量风险、金融风险和使用风险。
The risk of national debts can be summed up into quantity risk, financial risk and functional risk.
依据运作过程，国债风险可归纳为：数量风险、金融风险和使用风险。
The risk, as far as the operation process is concerned, can be catalogued: the quantity risk, the financial risk and the utilization risk.
国债风险评估和国债绩效(即宏微观绩效)提高是论文的主要研究内容。
The main studied content concentrates on evaluating of national risk and improving of national debt performance (including macro and micro performance).
国债风险的大小主要通过国债依存度、国债负担率和国债偿债率三个指标来衡量。
The scale of national debt risk mainly depends us the three indexes such rate of dependency, bearing rate and debt paying sate of national debt.
可是，这些银行股价的暴跌看起来不能仅用希腊国债风险敞口和评级遭下调来解释。
But the violent drops in their share prices seem to go beyond the Banks' exposure to Greece and the credit downgrade.
投资银行TedLord巴克莱资本认为，丹麦投资者认为房贷债券不比国债风险高。
Ted Lord of Barclays Capital, an investment bank, says that Danish investors see their country's mortgage bonds as no more risky than their government's debt.
我国财政的债务风险不仅包括国债风险，而且还有其他形式的性质上类同于国债的国家债务所引致的风险。
The fiscal debts risk of our country include not only the national debts risk but the debts risk caused by other kinds of debts, which is similar to national debts.
国债风险是财政风险中的核心内容，控制风险的思路不能囿于国债总量的控制，还要注重国债结构管理所能发挥的作用。
The risk of public debt is the main part of fiscal risk. The risk can be avoided not only by controlling the amount of public debt, but also by managing the structure of the public debt.
但前提是几乎没有通货膨胀；鉴于当前美国通胀率为3.8%，自1900年以来的平均通胀率是3.1%，投资者购买国债风险就大了。
But that depends on negligible inflation; and given that the current American rate is 3.8% and that the average rate since 1900 has been 3.1%, this is a big risk for investors to take.
而这一僵局将加大耽搁法律上允许的国债本必要增长的风险，而这就使人们对美国履行其义务的能力提出质疑。
This standoff risks delaying an essential increase in the legal limit on Treasury debt, calling into question America's ability to honour its obligations.
美元是世界的主要储备货币，国债也是直接普遍选择的“零风险”资产。
Dollars are the world's primary reserve currency, and Treasuries are the world's preferred "risk-free" asset.
无论如何，对外国投资者而言，这意味着美国国债并不是完全无风险。
However, for foreign investors, that means Treasury bonds are not risk-free at all.
而且购买当地国债不可避免的要承担货币风险。
And buying sovereign debt locally inevitably means taking on currency risk.
风险规避已经使10年期长期国债收益率低于3%。
Risk aversion has sent the 10-year Treasury bond yield below 3%.
银行间同业拆借利率今天也有所趋缓，虽然幅度不大。随着风险偏好增加，美国短期国债收益率有所上升。
Interbank loan rates starting today also eased, though modestly, while the yield on safe short-term US Treasuries moved higher, as risk appetite improved.
与此同时，债券投资者大量买入美国国债，远离风险高的投机性债券。
Bond investors, meanwhile, have piled into Treasuries and fled speculative debt.
投资者向来视黄金和国债为规避风险的避风港。
Both gold and Treasury bonds could be classed as "safe haven" assets that investors buy when they are risk-averse.
投资人担心提议中的拯救方案将会停滞不前，因而希腊国债的利差(与德国国债相较的风险贴水)达到了十三年来的高点。
Spreads on Greek government bonds (the risk premium compared with German bonds) reached a 13-year high as investors worried that the proposed rescue plan for Greece could stall.
但现在市场开始怀疑，如果希腊国债存在风险，那么其他工业化国家的国债也可能会面临同样的问题。
Markets are asking if it turns out there's risk in Greece maybe there are other countries in the industrialized world that face the same issues.
国债利润仍未提高，更具风险的美元资产收益差距继续缩小。
Yields on Treasuries have not risen and spreads on riskier dollar assets continue to shrink.
毕竟，国债利率是无风险利率，其他的资产的定价都扣除了这个因素。
After all, the Treasury-bond yield is the risk-free rate, off which other assets are priced.
投资者面临两年后的国债缩水的风险使得现今国债收益率居高不下，接连几次重挫援助计划。
The risk that investors could face a haircut in two years’ time keeps yields high today, which in turn blights the rescue plans.
投资者面临两年后的国债缩水的风险使得现今国债收益率居高不下，接连几次重挫援助计划。
The risk that investors could face a haircut in two years’ time keeps yields high today, which in turn blights the rescue plans.
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