Given Italy’s very large national debt, interest payments add more than 5% of GDP to the fiscal deficit. The combination of economic recovery and lower interest rates would produce a virtuous dynamic in which falling interest rates and a rising budget surplus are mutually reinforcing.
当市场意识到这一过程即将来临时，将把意大利主权利率推到更低水平。由于意大利沉重的国民债务负担，利息支付将增加超过GDP的5%的财政赤字。经济复苏加上利率下降将产生良性循环，下降的利率和增加的预算盈余将相互强化。