法国正站在危险的金融螺旋边缘。全球利率飙升暴露了这个国家——曾被视为欧洲金融市场相对稳定的绿洲——是该大陆最薄弱的环节之一。法国现在的借贷成本甚至高于希腊和意大利等前危机热点国家。其政府的预算赤字在同类国家中仅次于美国。
France is on the precipice of a dangerous financial spiral. The global surge in interest rates has exposed the country, once considered an oasis of relative stability in Europe’s financial markets, as one of the continent’s weakest links. France now pays more to borrow than former crisis hot spots like Greece and Italy. Its government is running a budget deficit surpassed only by the United States among its peers.
上周，法国政府债券市场的缓慢抛售出现了令人担忧的转折，因为抛售蔓延至整个大陆，唤起了人们对上一个十年欧元区债务危机的记忆。
Last week, a slow-burning selloff in France’s government bond market took an alarming turn as it spread across the continent, reviving memories of the eurozone debt crisis last decade.
法国10年期借贷成本已升向5%，为2002年以来的最高水平。投资者正为事态恶化做准备。
France’s 10-year borrowing cost has risen toward 5%, the highest level since 2002. Investors are bracing for things to get worse.
利率上升正给政府带来更高成本，而此时政府正需要为超低利率时代借下的巨额债务进行再融资。
The rise in rates is saddling the government with higher costs just as it needs to refinance a mountain of debt borrowed during the era of ultralow interest rates.
到2030年，法国将有超过1万亿美元债务到期，明年预计将发售约3800亿美元的创纪录债务，而曾经可靠的需求来源已在市场上蒸发。
France has more than $1 trillion in debt coming due by 2030, and next year is set to sell a record of about $380 billion in debt into a market where once-reliable sources of demand have evaporated.