The crisis has roots in the sub-prime mortgage crisis and is an acute phaseof the financial crisis of 2007-2008.
这场危机来源于次贷危机并且在2007年到2008年间经历了剧烈的动荡阶段。
2
I said earlier that the world has entered a dangerous new phaseof the crisis.
正如我刚才所说,世界已经进入一个新的危机时期。
3
The asset class at the heart of this phaseof the financial crisis—sovereign debt—is far easier to value than the securitised subprime mortgages that caused the trouble last time.