Indeed, only those countries that were running large current-account deficits before the crisis were affected by it. The case of Belgium is particularly instructive, because the risk premium on Belgian sovereign debt has remained modest throughout most of the euro crisis, although the country’s debt/GDP ratio is above the eurozone average, at around 100%, and it went without a government for more than a year.
确实，只有那些在危机爆发前经常帐户赤字巨大的国家才会受到当前危机的影响。比利时的情况就很有启发性，尽管该国的债务对GDP比率高于欧元区国家的平均水平——大概为100%，而且一年多以来都缺乏政府管理，但比利时主权债务的风险溢价在整个欧元危机期间都保持在适度的水平。