Although the French government, unlike its Spanish and Italian counterparts, has not yet had any difficulty financing itself at low interest rates, currency appreciation as the economy slides into recession is like fuel poured onto an unlit bonfire. Unless growth is restored, France’s already large public debt will expand unsustainably, heightening the risk that investors will shun French government bonds.
尽管法国政府跟西班牙和意大利两国政府有所区别，可以毫无困难地以低利率为自身融资，但在国家经济进入衰退时货币升值就像向未点燃的篝火增加燃料一样。除非恢复增长，否则法国本已庞大的公共债务将会不可持续地扩大下去，这会增加投资者放弃购买法国政府债券的风险。