Debt write-downs and guarantees will inevitably bloat Germany’s government debt, as the authorities are forced to bail out German banks (and probably some neighboring countries’ banks). But the sooner the underlying reality is made transparent and becomes widely recognized, the lower the long-run cost will be.
债务减免以及担保将不可避免地让德国政府债务膨胀起来，正如当局被迫拯救德国各大银行一样（很可能还有外围国家的银行）。但对其行为背后的逻辑进行公开透明阐述并争取广泛认可的速度越快，长期成本就会越低。