This induced Banks that were obliged to hold riskless assets in order to meet their liquidity requirements to earn a few extra basis points by loading up on the weaker countries' sovereign debt.

这就使得必须持有无风险资产以满足流动性要求的银行们松了口气，因为这意味着它们可以持有较疲软国家的主权债务。

youdao

Now, assuming that we trust the government-- I think the U.S. Government has never defaulted on its debt-- we'd take that as a riskless return.

假设我们信任政府-,假设美国政府从未拖欠债务-,可以把它当作无风险回报。

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Investors will buy subordinated debt at a yield quite close to the riskless rate only if they are sure the bank is low-risk.

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Bond spreads have already registered the fact that in the world of developed nation sovereign debt, we are middle of the pack, not riskless Olympian gods.

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We may quibble that those are anything but riskless assets for the banks, but what national bank regulators are going to downgrade and mark down their own sovereign debt to fail their own banks?

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