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.
欧元计价的主权债券市场一片混乱。自这个单一货币体系诞生以来，投资者一直将这个总manbetx20客户端下载 规模达7.3万亿欧元的巨无霸视为一个同质的高评级实体。他们愉快地将利差降了下来，就好像德国和希腊的信用水平并无实质差异一般。然而，各国的manbetx20客户端下载 状况毕竟千差万别。最近利差的扩大趋势看起来像是对这样一个事实迟到的认可：下注于趋同是一个错误。
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