K\u00fcresel boyutta g\u00f6n\u00fcl rahatl\u0131\u011f\u0131yla yat\u0131r\u0131m yap\u0131labilecek alanlar giderek darald\u0131. Kriz d\u00f6neminde “g\u00fcvenli liman” diye bilinen Alman ve Amerikan hazinelerinin bono ve tahvilleri son d\u00f6neme kadar \u00e7ok reva\u00e7tayd\u0131. Art\u0131k “g\u00fcvenli liman” kavram\u0131 da de\u011fi\u015fiyor.
\nGenelde \u00fclke bonolar\u0131 konusunda bir korku var. \u00d6zellikle geli\u015fmi\u015f \u00fclkelerin ve Euro B\u00f6lgesi’ndeki \u00fclkelerin bonolar\u0131 riskli g\u00f6r\u00fclmeye ba\u015fland\u0131. Yunanistan’\u0131n bor\u00e7lar\u0131n\u0131 yeniden yap\u0131land\u0131rmak zorunda kalmas\u0131 devlet bonosu konusundaki inan\u00e7lar\u0131n de\u011fi\u015fmesine neden oldu. Devlet bonolar\u0131n\u0131n kredi riski ortalama olarak artt\u0131.
\nEuro B\u00f6lgesi’nin g\u00fcneyindeki \u00fclkelerin bono fiyatlar\u0131n\u0131n olduk\u00e7a oynak olmas\u0131 fiyat riskini art\u0131rd\u0131. D\u00fcne kadar 10 y\u0131l vadeli \u0130talyan ve \u0130spanya bono faizleri y\u00fczde 5’in alt\u0131na d\u00fc\u015ft\u00fc diye b\u00fct\u00fcn d\u00fcnya sevinirken, birdenbire \u0130talyan bonolar\u0131 yeniden y\u00fczde 5’in \u00fczerine f\u0131rlad\u0131. Ayn\u0131 vadedeki \u0130spanya bonolar\u0131n\u0131n yeniden y\u00fczde 6’y\u0131 g\u00f6r\u00fcp g\u00f6rmeyece\u011fi konu\u015fuluyor. Portekiz’in faizleri bir t\u00fcrl\u00fc d\u00fc\u015fm\u00fcyor.<\/p>