主权债务风险

普华永道（pwc）银行和资本市场业务合伙人约翰希金斯（johnhitchins）表示，主权债务风险令人担心，但人们目前尚未考虑做出“大量拨备”。

John Hitchins , a partner specialising in banking and capital markets at PwC , said sovereign debt risk was a worry but people were not yet thinking of doing " a lot of provisioning " .

在此基础上，对主权债务风险的具体类型和相关指标进行整理分析。

On this basis , the types and the related indicators of sovereign risk analysis .

一些国家主权债务风险增大，引起国际金融市场急剧动荡；

Sovereign debt risks are growing in some countries , causing turbulence on the international financial market .

随着外界对银行的主权债务风险敞口的担忧消退，该计划还将缓和银行面临的压力。

It would also ease pressure on banks as concerns about their sovereign credit exposure would subside .

在近期的金融市场中，金融危机为起因的主权债务风险倍受瞩目。

In the world financial market , sovereign debt risk caused by the recent financial crisis has grown increasingly prominent .

市场波动性加大及主权债务风险的上升，还将破坏商业信心与消费者信心，其影响力将超越欧洲的范畴。

Increases in volatility and sovereign debt risk will also undermine business and consumer confidence in ways that move beyond Europe .

部分国家主权债务风险持续上升，一些系统重要性金融机构的问题集中暴露，主要货币汇率大幅波动，国际金融市场动荡不定，大宗商品价格高位震荡，各种形式的保护主义明显增多。

Sovereign debt risks continue to rise in some countries . A host of problems have been exposed in some systemically-important financial institutions .

只有这样，才能打破过去6个月间主权债务风险与欧洲银行类股走势之间那种令人沮丧的紧密联动关系。

Only then will the depressingly close correlation between sovereign risk and the performance of European bank shares of the past six months be broken .

在迪拜和希腊遭遇财政麻烦后，主权债务风险正逐渐成为资深银行家、风险咨询师和审计师们关心的重要问题。

Sovereign debt risk is emerging as an important concern for senior bankers , risk consultants and auditors following financial woes in Dubai and Greece .

一是共同关注全球经济的稳定复苏。当前，欧洲主权债务风险加大了世界经济复苏过程中的不稳定因素。

First , China and the United States must focus on global economic stability and recovery , which is threatened by the European sovereign debt crisis .

这家监管整个欧盟的机构表示，它已要求许多银行重新提交数据，以解决假设的不一致性问题、修正过分乐观的假设，其中包括对主权债务风险敞口的处理。

The pan-EU regulator said it had required many banks to resubmit their data to address inconsistencies and excessive optimism , including the treatment of sovereign exposures .

主权债务风险是多种风险复合而成，其中包括：市场风险、流动性风险、信用风险、展期风险和债务结构风险。

Sovereign debt risk is the risks are compounded , including : market risk , liquidity risk , credit risk , the risk of rollover risk and debt structure .

其次，它们不能对主权债务风险采取“精神分裂式”的看法，对欧洲（下调一个又一个国家的信用评级）采取强硬立场，而对美国则采取温和立场。

Second , they cannot be seen as taking a schizophrenic view to sovereign debt risks , a hard stance on Europe ( downgrading the one country after another ) and a soft on the US .

在研究结论方面，本文认为技术效率与债务负担率并非单纯的线性关系，在不同阶段，技术效率会对债务负担率产生不同影响，从而产生不同的主权债务风险。

Firstly , the relationship between technical efficiency and debt-to-GDP ratio is not a simple linear one . In different stage , the former will have different effect to the latter . As a result , different levels of sovereign debt risk could be created accordingly .

对冲德国主权债务违约风险的成本已经上升。

Germany 's sovereign debt default risk hedging costs have increased .

金融市场的运行是建立在美国主权债务无风险的假设基础之上。

Financial markets operate on the assumption that US sovereign debt is risk-free .

同样引人注目的是，银行的风险与主权债务的风险居然如此密切关联。

Also striking has been how closely the riskiness of banks correlates with that of sovereigns .

在欧洲，欧元与希腊主权债务违约风险之间的关联几乎是完美的。

In Europe , the correlation between the euro and the default risk of Greek sovereign debt is almost perfect .

与此同时，尽管有清楚的证据表明欧洲主权债务存在风险，但意大利会想方设法说服市场重新以2%而非6%或更高的利率借钱给自己。

Meanwhile , despite the clear evidence that sovereign debt in Europe is risky , Italy will somehow persuade the markets to go back to lending to it at 2 per cent , rather than 6 per cent or more .

此外，主权债务的违约风险也并非希腊独有。

Meanwhile , the default risk on sovereign debt is not confined to Greece .

市场反应消极，对主权及银行债务风险的融合以及纾困条款不清晰感到不满。

Markets reacted badly , unhappy at the convergence of sovereign and banking debt risk and a lack of clarity about bailout terms .

投资者可能也会反思一些错过的机会，比如取消主权债务的零风险权重，提高对杠杆率的重视。

Investors may also ponder the missed opportunities , such as getting rid of zero risk-weights for sovereign bonds and giving more prominence to leverage ratios .

相关风险包括通胀、主权债务违约和政治风险。

Among the risks are inflation followed by sovereign debt default and political risk .

最后，德国一贯比其它国家更坚持一点，那就是主权债务也可能带来风险。

Finally Berlin has been more insistent than most that sovereign debt can carry risk .

当前危机的最大教训之一是，不存在没有风险的资产，因此主权债务并不是无风险的资产。

One of the biggest lessons of the current crisis is that there is no risk-free asset , so sovereigns are not risk-free assets .