With interest rates on its sovereign debt surging above 7 per cent, there is a rising risk that Italy may soon lose market access. Given that it is too big to fail but also too big to save, this could lead to a forced restructuring of its public debt of €1,900bn. That would partly address its “stock” problem of large and unsustainable debt but it would not resolve its “flow” problem, of a large current account deficit, lack of external competitiveness and a worsening plunge in gross domestic product and economic activity.
在主權債務利率飆升到7%以上的情況下，意大利面臨一個越來越大的風險：它很快將喪失通過市場來融資的能力。這個國家既“大到不能倒”，也“大到沒法救”。有鑒于此，該國高達1.9萬億歐元的公共債務可能面臨強制性重組。這種重組可部分解決“存量”問題，即數額龐大且不可承受的債務；但它解決不了“流量”問題，即巨額經常賬戶赤字、缺乏對外競爭力、國內生產總值(GDP)不斷下滑和經濟活動日益蕭條。
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