What does a debt rating downgrade mean?信用降级意味着什么?
The decisions of the "Big Three" catalyze market moves in often unpredictable ways, creating a strong ripple effect. In the wake of the Greece downgrade last year, for example, investors across the globe started rethinking investment in other governments' bonds and began selling off more risky investments -- throwing the EU into crisis and depressing the value of the euro. There was a similar psychological ripple through the markets this week after Moody's recent downgrades of Ireland and Portugal -- it put the spurs to Italian lawmakers to pass deep cuts in government spending on Thursday and turning up the heat on Washington lawmakers to extend the debt ceiling.
这三大公司的决定往往会催化市场产生一些难以预料的波动,产生很大的涟漪效应。去年,在希腊主权债务危机余波未平的时候,全球的投资者们就开始重新思考把自己的投资转向其他的政府并且大量卖出希腊这些具有风险的债券,这直接导致整个欧洲都被主权债务危机影响到,进而使得欧元贬值。同样的效果也产生在了近日的信用降级上,这些心里效应导致穆迪发出降级报告以后意大利立即通过了降低政府开支的法案,导致周四华府要求立法者提高赤字的上限。
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2020-09-15
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