The debt of the public sector was 65% of GDP in 2007; adding in unfunded future costs of pensions, health care and other schemes, the state’s implicit debt jumps to 250% of GDP.

2007年公共事业的赤字达GDP的65%；本来就没有资金来源的养老金，医保和其他项目的成本负担更加沉重，国家背后的债务已悄然跃至GDP的250%。

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These institutions have an implicit, or explicit, federal guarantee on their debt that lowers their cost of capital, giving them a permanent competitive advantage.

这些机构的债务拥有隐性和显性联邦担保，这降低了其资金成本，从而赋予了它们永久性的竞争优势。

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So, short of debt default or implicit default via inflation, that leaves two other ways of closing the deficit. Spending must be cut or taxpayers must pay more.

既然如此，除了债务违约或者借助通胀暗地里赖账之外，就只剩下两个办法来结束赤字（问题）：要么支出必须削减，要么赋税必须增加。

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They've long enjoyed an implicit guarantee on their debt from the government.

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Buyers of their debt would again pay up for implicit government support.

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The other, cleaner, approach would be to privatise them, so that the markets are left in no doubt that their debt carries no government guarantee, implicit or explicit.

ECONOMIST: Homesick blues