Interest payments account for an ever-larger share of budgets – and will continue to grow when interest rates start to rise again. In the absence of strong political commitment and credible plans for gradual fiscal consolidation, there is a distinct risk that at some point sovereign yields will rise markedly – with negative implications for the economy and politics.
此外我们还需牢记，预算在危机爆发之前便已吃紧；而且政府的财政平衡状况并不能反映出现实的所有方面。比如在德国，若将养老金债务计入其中，则整体负债与国内生产总值之比将从目前的65%跃升为250%。