The first part, theoretic analysis: How to understand the risk of national debt?
第一部分，理论分析：如何理解国债风险。
Over the past 18 months the possibility of national defaults has shattered the idea that all euro-area debt is equally risk-free in a particularly damaging way.
过去的18个月里呈现出的国家违约的可能性以一种特别有杀伤力的方式挫败了所有欧元区债券都是零风险的主张。
What about Yen? National debt ratio of the gross national product is 192% or having greater risk.
日元？ 日本的国债对国民生产总值的比率是192%，风险更大。
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