Indeed, even something like a self-fulfilling debt crisis is thinkable: if market participants believe that a default or an exit from EMU is imminent, this would drive up government bond yields for the country in question. At some point, yields might become so high that the government concerned could not refinance its maturing debt or finance its current expenses.
可能一个欧洲货币联盟国家的政府会近乎破产或是濒临缺失流动性。实际上，甚至可以想象会发生自找的债务危机一类的事情：如果市场的参与者相信违约或是退出欧洲货币联盟正在逼近某国，将会迫使该国政府债券的收益上升。在某个时点，收益可能会变得如此之高，以致于相关的政府不能为它的到期债务重新筹措资金，或是为它目前的开支提供资金。这种情况下，该国的唯一选择就是违约。