Spain, Italy, and the eurozone periphery face unprecedentedly high real borrowing costs, which are preventing a recovery in investment and hence economic growth. Without a return to growth, they cannot quell investors’ doubts about their fiscal sustainability and their banks’ solvency.
西班牙、意大利和欧元区外围面临着前所未有的高实际借贷成本，投资复苏——从而经济增长——因此受阻。而如果不能恢复增长，它们就无法打消投资者关于财政可持续性和银行偿付能力的疑虑。