The dilemma is that, whereas fiscal consolidation is necessary to prevent an unsustainable increase in the spread on sovereign bonds, the short-run effects of raising taxes and cutting government spending tend to be contractionary. This, too, complicates the public-debt dynamics and impedes the restoration of public-debt sustainability.
这些国家面临两难。要防止公债息差过度扩大就必须实施财政巩固政策，但其中的增税和削减政府开支等措施在短期内会引起紧缩效果。这也增加了公债动态（ public debt dynamics ）的复杂性，妨碍了重建公债可持续性的努力。这其实就是阿根廷在 1998~2001 年所落入的陷阱 —— 必要的财政紧缩加剧了经济衰退，最终导致违约。