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.
欧洲主权信贷市场陷入了危险境地。2012年，意大利和西班牙总计需要借款5900亿欧元，其收益率仍然高于可持续水平。欧洲央行(ECB)在二级市场上购买国债的努力，迄今未能压低国债收益率。
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