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The Ogre In The Attic

机译:阁楼上的食人魔

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Italy's public debt, the world's third-biggest, equivalent to over 104% of GDP, is not so much the elephant in the living room as the ogre in the attic. The fear has long been that it could escape and wreak havoc, not only in Italy but also across the entire euro area. On December 3rd came what some took to be an ominous rattling of the attic door.rnIt took the form of an answer by Silvio Berlusconi's welfare minister, Maurizio Sacconi, to suggestions that he was at odds with the finance minister, Giulio Tremonti, over how much to spend on stimulus measures. Denying that there was any conflict, he said "I too am constrained by the public debt. And I too am worried by the risk of default." Seemingly unaware of the possible effect of his words, he added: "There is something worse than recession, and that's state bankruptcy: an improbable, but nevertheless possible, hypothesis." If the Italian Treasury were unable to find buyers for Italian sovereign bonds, said Mr Sacconi, Italy could go the way of Argentina, which defaulted in 2001.
机译:意大利的公共债务是世界第三大债务,相当于国内生产总值的104%以上,与其说是阁楼上的食人魔,不如说是起居室里的食人魔。长期以来,人们一直担心它可能逃脱并造成严重破坏,不仅在意大利而且在整个欧元区也是如此。 12月3日,有人把阁楼门敲响了一个不祥的声音。它以席尔维奥·贝卢斯科尼(Silvio Berlusconi)的福利大臣毛里齐奥·萨科尼(Maurizio Sacconi)的回答的形式提出,暗示他与财政大臣朱利奥·特雷蒙蒂(Giulio Tremonti)的观点不一致在刺激措施上要花很多钱。他否认存在任何冲突,他说:“我也受到公共债务的束缚。我也担心违约的风险。”他补充说:“似乎还没有意识到他的话可能带来的影响。有什么事情比衰退还糟,那就是国家破产:一个不可能的假设,但仍然是可能的假设。”萨科尼说,如果意大利财政部无法找到购买意大利主权债券的买家,意大利可能会取代阿根廷,阿根廷在2001年违约。

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    《The economist》 |2008年第8610期|45-46|共2页
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