十五年前,投资者笃信,西方政府的债券虽然其回报率低,但却几无风险,债券市场也具有强大的功能。但现在的情形已截然不同,债券的警戒作用似乎已大不如前。主权债券危机的爆发,使这种所谓无风险债券面临着更趋复杂和危险的境地。 Fifteen years ago, investors were convinced that Western government bonds, while low in return, were risk-free and bond markets also had powerful functions. But the current situation is quite different, and the warning function of the bond seems to have fallen far short of what it used to be. The outbreak of the sovereign debt crisis has put such so-called risk-free bonds in a more complicated and dangerous situation.