We have moved into the third phase of the crisis in which the financial markets have begun to question the sustainability of economic policies, in particular as regards public finances and, consequently, the sustainability of the economic recovery itself. This third phase of the crisis has hit Europe first.
Also, it is issued in an economic area for which the overall results are sound compared with other ones. As far as government or corporate bonds are concerned, the financial markets are complex and very sophisticated. Some investors have confidence (or not) and invest (or not), and others can forward buy or sell and speculate up or down.