The rout in European financial markets last week was a watershed event. What we witnessed was not necessarily the beginnings of a bear market in equities or an uncertain harbinger of a future recession. What we saw — at least here in Europe — is the return of the financial crisis.
上周欧洲金融市场动荡是一个分水岭事件。我们看到的未必是股市熊市的开始,或者未来衰退的一个不确定的先兆。我们看到的——起码在欧洲这里——是金融危机的回归。
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