Yields on some sovereign bonds seem to offer little protection against the risk of future inflation or default.

一些主权债券的收益率似乎能对未来通胀及违约的风险提供一些保护。

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In theory, this could weaken the protection slightly, but this default improves performance while still protecting against most problems.

从理论上讲，这样会稍微削弱保护能力，但是这种默认行为改进了性能，同时仍然能够防止大多数问题。

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In the past, the CDS market for developed countries was sluggish, because few investors saw the need to buy or sell protection against a risk of default that seemed exceedingly remote.

以往，发达国家CDS市场较为萧条，因为几乎没有投资者认为，自己有必要购买或出售针对一种可能性极小的违约的保险。

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Credit-default swaps can be bought as protection against the default of a bond or loan, or they can be sold to create some income in exchange for guaranteeing a credit exposure.

ECONOMIST: Telecoms debt

Banks bought protection on credit derivatives from monolines in the form of credit-default swaps.

ECONOMIST: The credit crisis

The necessary steps would also involve full "mutualisation" of eurozone sovereign debt, the pooling of sovereign liabilities, which would permit the European Central Bank to be the lender of last resort to the currency union - and give the eurozone the kind of protection against the risk of default that the UK and the US have.

BBC: Has the eurozone flunked the market's test again?