剑桥风险研究中心：欧元区崩溃金融灾难压力测试方案（英文版）

Sovereign default is a failure or refusal by a country’s government to make a repayment of national debts. Consequences include devaluation of the principal, as well as loss of yield from the bond. This report explores the impact of unexpected devaluation of fixed income assets resulting from a cascade of sovereign debt devaluations caused by the sequential exit of countries from a currency union. Suchdevaluations canhave a similarfinancial effect as defaults which, if occurring in wha