If investors are unwilling to finance the French budget deficit – that is, if France cannot borrow to finance that deficit – France will be forced to default. That is why the market treats French bonds as riskier and demands a higher interest rate, even though France’s budget deficit is 5.8% of its GDP, whereas Britain’s budget deficit is 8.8% of GDP.
如果投资者不愿为法国预算赤字融资——也就是说，如果法国无法通过借贷来为赤字融资——那么法国就将被迫违约。这就是为何市场认定法国债券风险较高、因此要求更高利率的原因，尽管法国预算赤字占GDP的比重为5.8%，低于英国的8.8%。