The spread (excess interest rate) on high-yield corporate bonds has fallen from more than 16 percentage points at the start of 2009 to less than six points.

高收益公司债券的超额收益率从2009年初的16%点多下跌到不到6点。

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So one possible discount rate is the state's cost of borrowing, the yield on its municipal bonds.

这样折算率就是国家的借款成本，也就是市政债券的收益率。

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If you compare the yield on conventional bonds with the yield on the index-linked Treasury bond that matures in 2028, the result is an implied inflation rate of 2.4%.

如果比较一下传统债券和2028年到期的指数关联型国债的收益，结果是隐性通胀率为2.4%。

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Martin Fridson, of Fridson Investment Advisors, says that the default rate on high-yield bonds may climb to 10%.

ECONOMIST: Consumers and companies may be forced to cut back

Until this year, ministries kept around 1 trillion escudos in bank accounts, where they earned a lower rate of interest than the yield on government bonds.

ECONOMIST: The public sector needs slimming down

The argument regarding inflation is almost certainly incorrect, because the yield on the bonds will be greater than the rate of inflation.

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