The bottom line is that deleveraging will ensure that growth will be modest at best in the short and medium term. If Europe deteriorates, or there is gridlock in dealing with America’s “fiscal cliff” at the beginning of 2013 (when tax cuts expire and automatic spending cuts kick in), a major downturn will become far more likely.
最重要的一点就是去杠杆化令经济在中短期内最多只能适度增长。如果欧洲的情况恶化，或者2013年初（到时减税会终止，自动削减开支生效）在处理美国“财政悬崖”（fiscal cliff）的问题上出现僵局，那么出现严重衰退的可能性就会更大。