因为更强大的缓冲机制有利于银行消化进一步削减主权债务带来的压力，化解市场对其清偿能力的疑虑。
The larger cushion would allow the Banks to absorb greater haircuts on their sovereign debt holdings and deflect market skepticism as to their solvency.
紧缩到底化解危机；债务重组；完全的阿根廷化；欧洲主义复兴。
Call them toughing it out; debt restructuring; full Argentina; and revived Europeanism.
来自历史的教训是，除非最终由加税和控制开支来化解，否则，积累的主权债务只可能有两个出口：违约或高通货膨胀。
And the lesson of history is that unless this buildup of sovereign debt is tackled eventually by raising taxes and controlling spending, then there are only two outcomes: default or high inflation.
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