But markets are more pragmatic: if, as is almost surely the case, austerity weakens economic growth, and thus undermines the capacity to service debt, interest rates will not fall. In fact, investment will decline – a vicious downward spiral on which Greece and Spain have already embarked.
希望在于市场会奖赏美德，此处美德被定义为紧缩。但市场更奉行实用主义：几乎总是如此，如果紧缩政策削弱了经济的增长，便破坏了偿债能力，利率就不会下降。事实上，投资会下滑，这便是希腊和西班牙已经开始的恶性循环了。