First, in the advanced countries, we have probably seen the worst of the financial crisis. There are still land mines, from unknowable credit default swap (CDS) positions to hidden losses on balance sheets, but the worst days of frozen money markets and obscene risk spreads are probably over.&nbsp;
在切入正题之前先让我讲讲对目前形势的三点观察。首先，在发达国家我们很可能已经看到了最严重的一次金融危机。虽然还有雷区（从不可知的信用违约调期(CDS)，到资产负债表上的隐藏亏损），但货币市场冻结和风险急剧扩散的最糟糕的阶段很可能已经过去了。