The polarization of borrowing costs has politically explosive distributional effects: Germany is borrowing and refinancing its existing debt at artificially low interest rates. According to the Kiel Institute for the World Economy, investor flight from the government debt markets of the eurozone’s struggling members to Germany has already saved the German government almost €70 billion ($88 billion).
借贷成本的两极分化具有政治爆炸性的分配效应：德国享受着人为压低的利率借贷和再融资。根据基尔世界经济研究院（Kiel Institute for the World Economy）的研究，投资者逃离欧元区受困成员国国债、奔向德国国债的动作替德国政府节省了将近700亿欧元。