WHILE the developed world tries to stave off a wave of sovereign debt defaults in Europe, the Brazilian economy is partying like it's 2008.

正当已开发国家试图赶走欧洲的主权债务拖欠风潮时，巴西经济仍如同2008年一样火红。

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The recent defaults in the subprime mortgage market may be affecting other bond investors and cutting off credit to the housing market.

最近次优房贷市场上的违约现象不仅可能会给其他债券的投资者带来不利影响，还会切断房市的信贷来源。

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If so, firms like Capital One could look forward to sharply higher earnings as lower defaults would allow lenders to ease off on the expense of building their loan-loss reserves.

果真如此的话，那么Capital One等公司的收益预计将大幅上升，因为较低的违约率可以减轻信用卡贷款发放公司在提取贷款损失准备金方面的压力。

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It is widely perceived that they will be bailed out by the government should mortgage defaults force them to pay off bondholders whose debt they guarantee.

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She refuses to share her balance sheet with stressed countries by allowing the issuance of euro-bonds, until they reform, even though such reforms cannot be implemented in time to head off sovereign defaults that would take down many under-capitalized European banks, now desperately juggling their books to inflate their capital ratios.

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Because they allow investors to lay off the risk of borrowers' defaults, they free lenders to lend more.

ECONOMIST: Financial markets