Moreover, financial markets underpriced private and sovereign credit risks, in the implicit belief that no one would fail, and that all debts would somehow be made whole, implying weak market discipline on borrowers.
此外，金融市场低估了私人以及主权信用风险，其中隐含的理念是所有人都不会违约，而且所有债务将以某种形式全部偿还，也就是说对借方的市场约束非常薄弱。