The European sovereign credit markets are in a danger zone. Italy and Spain need to borrow a combined €590bn in 2012, their yields remain above sustainable levels, and the European Central Bank’s efforts at buying debt in the secondary markets have so far been ineffective in holding yields down.
歐洲主權信貸市場陷入了危險境地。2012年，意大利和西班牙總計需要借款5900億歐元，其收益率仍然高于可持續水平。歐洲央行(ECB)在二級市場上購買國債的努力，迄今未能壓低國債收益率。
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