For 20 years, Japan has been able to recycle savings to pay for its fiscal deficits.

20年来，日本已能回收存款来支付其财政赤字。

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If you are a country like the US, the UK, or Japan that can monetize its fiscal deficits, then you won't have a sovereign debt event but high inflation that erodes the value of public debt.

如果你是一个类似美国、英国，或日本那样的国家，可以货币化自身的财政赤字，那么，你将不会发生主权债务问题，取而代之的是稀释公债价值的高通货膨胀。

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Japan has run continuous fiscal deficits and seen its debt downgraded by the ratings agencies.

日本连年都有财政赤字而其债券也被评级机构降级。

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What brought Argentina down was the combination of its fixed exchange rate, which made its currency uncompetitive, with persistent fiscal deficits.

ECONOMIST: Latin America

Jamaica has run fiscal deficits in 44 of its 50 years of independence.

ECONOMIST: Jamaica at 50

Ghana's 12-place decline in the index is blamed mostly on its worsening macroeconomic situation, characterised by large fiscal deficits, rising public debt and high inflation.

ECONOMIST: Outstripped