When a government fails to pay its bondholders in full and on time. A state cannot be liquidated, so the loss usually arrives as a restructuring, a delay or a haircut.
「主权违约」
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| 50% | France's risk premium overtakes Italy's as bond investors price a default 「主权违约」 · 第 4 张术语卡 | Wizman calls an outright default low-probability — but a National Rally presidency that damages the 2028 budget and credit perceptions is, he says, near 50%. 「会不会违约」与「值多少钱」是两个问题。债券市场往往在真正违约前很多年就开始重新定价：2010 年希腊失去市场融资能力时，违约还是两年后的事。所以利差走阔不必读成违约预兆，它更准确的含义是「融资成本将长期更高」。 |