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Turning Japanese

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A Government's credibility is founded on its commitment to honour its debts. As a result of the dramas of the past few weeks, that crucial commodity is eroding in the West. The struggles in Europe to keep Greece in the euro zone and the brinkmanship in America over the debt ceiling have presented investors with an unattractive choice: should you buy the currency that may default, or the one that could disintegrate? In the early days of the economic crisis the West's leaders did a reasonable job of clearing up a mess that was only partly of their making. Now the politicians have become the problem. In both America and Europe, they are exhibiting the sort of behaviour that could turn a downturn into stagnation.
机译:政府的信誉建立在其偿还债务的承诺上。由于过去几周的戏剧表演,这种至关重要的商品正在西方侵蚀。欧洲为使希腊留在欧元区而进行的斗争以及美国在债务上限上的边缘政策为投资者提供了一个没有吸引力的选择:您应该购买可能违约的货币,还是可能崩溃的货币?在经济危机初期,西方国家的领导人做了合理的工作,清理了一部分混乱局面。现在,政客已成为问题。在美国和欧洲,它们都表现出可能将低迷转变为停滞的行为。

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    《The economist》 |2011年第8744期|p.7-8|共2页
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