For these countries, it matters whether history suggests that there is a strong threshold effect once public debt exceeds 90% of GDP. But the eurozone’s peripheral countries simply did not have a choice: they had to reduce their deficits, because the foreign capital on which their economies were so dependent was no longer available.
对这些国家来说，一国的公共债务一旦超过GDP的90%这个值会不会有强烈的“门槛效应”这点很重要。但欧元区外围国家却根本没有选择：它们必须降低其赤字，因为它们已经无法获得其经济极为依赖的外国资本。