The role of sovereign credit-default swaps (CDS), a way of betting on the likelihood of a country’s failure to repay the money it has borrowed, has proved particularly controversial.

主权信贷违约掉期（一种押注某个国家无法偿还其借款的可能性的方式）在信贷活动中的角色也引发了相当大的争议。

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In the current sovereign-debt crisis that is rolling over Europe, speculators, and especially credit-default swaps, are suffering another assault.

在目前席卷欧洲的主权债务危机中，投机者，尤其是信用违约互换正遭受又一场攻击。

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Before the financial crisis, sovereign credit-default swaps traded in single digits.

然而在金融危机前，主权信用违约掉期在国债利益率中的比例还是个位数。

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If you take sovereign credit default swaps seriously (and some don't), traders now think there is a more than 70% chance of Portugal defaulting during the next five years.

BBC: More market alarm bells on Portugal

The change in mood whipsawed European sovereign bonds and the credit default swaps to protect against their default.

FORBES: European Debt

There are rumours that Greek banks have also been keen sellers of credit-default swaps on sovereign Greek debt, in effect doubling up on their exposure to a debt crisis.

ECONOMIST: Sovereign risk and the banks