In the periphery of the eurozone, the problem is the opposite: bond vigilantes are demanding that Greece, Ireland, Portugal, Spain, and Italy front-load fiscal consolidation or watch their borrowing costs go through the roof, risking them their market access and triggering a public-debt crisis. Markets don’t care that front-loaded fiscal consolidation is exacerbating recession and thus making the goal of reducing debt and deficits as a share of GDP near-impossible to achieve.
欧元区外围却恰恰反映出问题的另一面： 债券义和团要求希腊、爱尔兰、葡萄牙、西班牙和意大利提前进行财政整顿，否则就要他们眼看自己的借款成本飞涨威胁到相关市场准入并成为诱发公共债务危机的导火索。 市场并不在意这种提前进行的财政整顿会导致经济衰退恶化，从而使减少债务和赤字占GDP比重的全球任务几乎无法完成。