Safety first. That simple principle has propelled investors – in droves – into German government bonds. The 10-year Bund yield is a paltry 1.3 per cent, compared with more than 4.5 per cent four years ago. But nothing lasts for ever, and Europe’s crisis is far from resolved. Should investors question the longevity of Germany’s haven status?
安全第一。这个简单原则推动投资者（成群结队）地涌向德国国债。10年期德国国债的收益率仅有微不足道的1.3%，而四年前高于4.5%。但没有什么是永恒的，欧元区危机还远未解决。投资者是否该质疑德国避风港地位的寿命？
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