The euro-denominated sovereign bond market is a mess. Since the birth of the single currency, investors have treated this €7,300bn behemoth as a homogenous, highly rated entity. They merrily drove spreads down as if there were no material difference in the creditworthiness of Germany and Greece. Yet the underlying economies were diverging. The reversal of spreads recently looks like a belated acceptance that the punt on convergence was a mistake.
歐元計(jì)價(jià)的主權(quán)債券市場一片混亂。自這個(gè)單一貨幣體系誕生以來，投資者一直將這個(gè)總經(jīng)濟(jì)規(guī)模達(dá)7.3萬億歐元的巨無霸視為一個(gè)同質(zhì)的高評(píng)級(jí)實(shí)體。他們愉快地將利差降了下來，就好像德國和希臘的信用水平并無實(shí)質(zhì)差異一般。然而，各國的經(jīng)濟(jì)狀況畢竟千差萬別。最近利差的擴(kuò)大趨勢看起來像是對(duì)這樣一個(gè)事實(shí)遲到的認(rèn)可：下注于趨同是一個(gè)錯(cuò)誤。
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