Initially a financial crisis, it morphed into a classic public-debt crisis after governments stepped in to guarantee banks obligations. That, in turn, has created a new set of worries for banks that are over-exposed to supposedly secure government debt.
欧洲的危机差不多走完了一个循环。最初的一场金融危机，随着政府介入，为银行负债担保，演变为一场经典意义上的公债危机。公债危机反过来又引起新的担忧——银行持有的所谓安全的政府债，头寸是不是太大了？国债似乎不再稳妥了。