Italy and Spain are clearly constrained by the absence of private capital in their respective sovereign-debt markets, with rising yields threatening their fiscal stability and reform programs. They need the eurozone core and the International Monetary Fund as temporary lenders of last resort until they restore policy credibility and regain investors’ confidence.
各国财政约束严重到什么程度还有待讨论。意大利和西班牙的约束显然是来自各自主权债务市场中缺少私人资本，收益率的不断上涨威胁着其财政稳定性和改革计划。它们需要欧元区核心国和IMF充当暂时最后贷款人，直到它们重新建立政策信誉，赢回投资者信心。