The crisis has roots in the sub-prime mortgage crisis and is an acute phase of the financial crisis of 2007-2008.

这场危机来源于次贷危机并且在2007年到2008年间经历了剧烈的动荡阶段。

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I said earlier that the world has entered a dangerous new phase of the crisis.

正如我刚才所说，世界已经进入一个新的危机时期。

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The asset class at the heart of this phase of the financial crisis—sovereign debt—is far easier to value than the securitised subprime mortgages that caused the trouble last time.

与上次引发金融危机的次贷证券相比，这一次风险的核心国债更容易评估。

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Now the U.K. has launched a new phase of crisis and one that will, if followed through with, be revolutionary.

FORBES: What If The U.K. Leaves Europe?

The huge writedowns on trading-book assets that defined the first phase of the crisis were horribly unpredictable.

ECONOMIST: Rebuilding the banks

"The first phase of the crisis marked by adjustments and liquidity problems is finished, " says John Wadsworth, chairman of Morgan Stanley Asia in Hong Kong.

CNN: FROM BAD TO WORSE