I suggested last week, in what seemed like a counter-intuitive phenomenon to some, that sharply lower prices for Greek bonds would bring out sellers rather than buyers. Such sellers, and there are potentially too many of them, would be reacting late to the recognition that “safe” instruments that they bought for their “interest rate bucket” have turned out to be something else – namely, volatile credit exposure that is subjecting them to both financial loss and reputational damage.
我上周提出，希臘債券價格大跌會引出賣家而非買家。在一些人看來，這似乎是一種反直覺的現象。這些賣家（可能為數眾多）的反應可能已晚了一步，剛剛意識到自己為“利率資產組合”購買的“安全”工具原來竟是別的東西——即不穩定的信用風險敞口。這些敞口不僅讓他們蒙受了金錢損失，名譽也受到了損害。
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