In fact, near-zero interest rates undermine the very notion of a “debt overhang” in countries like Greece, Ireland, Portugal, and Spain. While these countries did accumulate a huge volume of debt during the credit boom that went bust in 2008, the cost of debt service is now too low to have the impact – reducing incomes, preventing a return to growth, and generating uncertainty among investors – that one would normally expect.
事实上，近零利率破坏了希腊、爱尔兰、葡萄牙和西班牙等国家的“债务积压”的概念。这些经济提确实在结束于2008年的信用繁荣期中积累了巨量债务，但现在的债务维持成本非常低，根本无法产生正常情况下所应该产生的影响——降低收入、阻碍增长回归、在投资者中间制造不确定性。如今，这些国家只需要对其债务以更长期限进行再融资。