in theory the fire in the bond markets could be doused by fiscal transfers and the mutualisation of debt.

理论上讲，债券市场过热可以通过财政调拨和债务互助来进行调控。

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Their ratings of corporate debt may have held up well, but they were way off in structured securities, not a lot better in sovereign debt, and now their municipal-bond ratings, too, are under fire.

他们对公司债券的评级倒还好说，但是对于结构性债券就不那么上道了，主权债券也好不到哪儿去，而最近他们对于市政债券的评级又被口诛笔伐。

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Meanwhile, our friends across the Atlantic are feeling the pressure as bond vigilantes continue to train their fire on the weakest members of the European Monetary Union.

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The Europeans are the world masters at organizing conferences in Brussels committee rooms, however, now they are rapidly running out of time and credibility as they have sought to stem the forest fire of a sovereign-debt crisis almost a year after the Greek bond market hits the buffers and needed a bailout.

FORBES: European Debt; The Crisis & Calamity Continues