The rout in European financial markets last week was a watershed event. What we witnessed was not necessarily the beginnings of a bear market in equities or an uncertain harbinger of a future recession. What we saw — at least here in Europe — is the return of the financial crisis.
上週歐洲金融市場動盪是一個分水嶺事件。我們看到的未必是股市熊市的開始,或者未來衰退的一個不確定的先兆。我們看到的——起碼在歐洲這裏——是金融危機的迴歸。
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