When financial markets discovered that supposedly riskless government bonds might be forced into default, they raised risk premiums dramatically. This rendered potentially insolvent commercial banks, whose balance sheets were loaded with such bonds, giving rise to Europe’s twin sovereign-debt and banking crisis.
当金融市场发现被认为是无风险的政府债券可能出现被迫违约的可能时，风险溢价出现了显著提高。这让技术上破产的商业银行无所遁形——它们的资产负债表上满是可能违约的债券——从而造成了欧洲主权债务和银行的孪生危机。