This paper explains what sub-prime debt is and the real reasons for this crisis.

研究次级债的概念，并对次级债危机的成因进行分析。

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We are hearing that central Banks and sovereign wealth funds are eager buyers. We might think they are crazy and we believe that sovereign debt will be to Europe what sub-prime loans were to the US.

我们听到中央银行和主权财富基金积极投入，我们可能会认为他们疯了且我们相信这些主权债务对于欧洲将如美国的次级贷款。

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European banks held a lot of US sub-prime debt.

FORBES: Euro Zone Has a Model For Saving Spain's Banks -- the U.S.

In addition to the regulatory actions against Goldman, the German government and insurance company AIG have both said they are considering bringing private legal cases over money they lost on sub-prime debt that the firm sold to them.

BBC: Goldman Sachs profits top $3bn

It had warned earlier in the year that it was struggling as thousands of its sub-prime borrowers battled with debt.

BBC: A house for sale in Illinois