NEW YORK – Greece’s fiscal problems are, as I have argued many times, but the tip of a global iceberg. For the next installment of the recent global financial crisis will be rising sovereign risk, especially in advanced economies that run massive budget deficits and accumulate large stocks of public debt as they socialize private financial losses in order to revive economic growth.
纽约 —— 希腊的财政困境只是冰山一角，我曾多次论证过。本轮全球金融危机的下一笔到期债务将是高企的主权风险，尤其是维持着巨额预算赤字和公债存量的发达经济体，它们在刺激经济复苏的同时，也把私营金融业的损失摊派到了全社会头上。