With private and public consumption in both Italy and Spain set to remain depressed for years to come, economic recovery requires stronger investment and exports. But the steep fall in the value of Italian and Spanish banks’ holdings of government debt, combined with mounting bad loans as a result of recessions exacerbated by punitive borrowing costs, is forcing the banks to rein in business lending further.
意大利和西班牙私人和公共消费在未来数年中仍将受到抑制，因此经济复苏要靠更强的投资和出口。但意大利和西班牙银行国债持有量的大幅下降加上惩罚性高借贷成本恶化了衰退，从而造成不良贷款越积越多，银行正在进一步收紧商业贷款。