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如果意大利政府可以适当地落实紧缩政策,那么即便在面临债券市场巨大压力的情况下,该国的债务占GDP比例也可以处于比较平稳的水平。今年7月11日,市场对意大利偿还债务的能力和政治稳定的担忧加剧,导致意大利10年期主权债券的收益率迅速攀高,超过了德国国债收益率285.6个基点,这是前所未有的。作为欧洲大陆的第三大经济体,意大利一旦成为欧洲主权债务危机的下一个受害者,其对全球经济的影响将远超希腊债务危机。正因如此,意大利主权债券突然被市场“抛弃”引起了恐慌。
If the Italian government can properly implement the austerity measures, the country’s debt-to-GDP ratio can be at a relatively steady level even under tremendous pressure from the bond market. July 11 this year, the market concerns about the ability to pay back the debt in Italy and political stability intensified, leading to Italy’s 10-year sovereign bond yields rose rapidly, exceeding the German bond yields 285.6 basis points, which is unprecedented. As the third largest economy in continental Europe, once Italy becomes the next victim of the European sovereign debt crisis, its impact on the global economy will far outweigh the Greek debt crisis. Because of this, Italy’s sovereign bonds suddenly caused by the market “abandoned ” caused a panic.