As a result, these countries have condemned themselves to continued austerity, low growth, and high debt, while diminishing any future incentive for private lenders to impose fiscal discipline on sovereign borrowers. Only by shifting the burden of responsibility back onto private lenders can debtor countries escape this quagmire.
结果，这些国家把自己推向了持续紧缩、低增长和高债务，同时又切断了所有让私人债权人对主权债务人施加财政纪律的未来激励。除非将这一负担抛回给私人债权人，否则债务国就无法摆脱债务泥淖。