Private spending in the debtor nations fell sharply.
债务国家的私人开支剧烈下降。
Mature debtor nations will have extensive capital account transactions.
债务到期的国家将会进行广泛的资本项目交易。
As a rule, a lower credit rating means higher borrowing costs for debtor nations.
根据通行法则，更低的信用评级对债务国意味着更高的借贷成本。
As a result, the market now expects very low inflation in Germany - around 1 percent over the next five years - which implies significant deflation in the debtor nations.
结果，市场现在期望德国出现非常低的通货膨胀——今后5年内大约为1%，意味着债务国家将发生十分严重的通货紧缩。
As a result, the market now expects very low inflation in Germany - around 1 percent over the next five years - which implies significant deflation in the debtor nations.
结果，市场现在期望德国出现非常低的通货膨胀——今后5年内大约为1%，意味着债务国家将发生十分严重的通货紧缩。
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