Its public debt weighs less heavily on markets because much of it is owned by Italians, whose high savings mean that aggregate public plus private borrowing is in line with other euro-area countries.
其公共债务对市场的影响力不大，因为大部分公共债务的债权人是持有高额储蓄的意大利人，意味着非私人借贷部分的公共债务总额同欧元区其它国家的水平差不多。
Although its size is what makes some investors tremble, its bigger and more liquid public-debt markets also offer protection.
尽管它的规模让投资者生畏，但它更大更流畅的国债市场也可以提供保护。
The bond markets are especially concerned about Greece and Ireland; but fears are growing even over such big countries as Italy (where public debt stands at over 100% of GDP) and Spain.
债券市场特别关注希腊与爱尔兰，但对像意大利(其国债已超过GDP的100%)和西班牙这样的大国的担心与日俱增。
Spain is in the markets' sights and the trouble is spreading to Italy, home of the world's third-largest market for public debt.
西班牙的灾难正在向世界第三大公债市场意大利蔓延。
The markets will be watching closely to see if this remark heralds a return to fiscal indiscipline in the country with the biggest public debt in the euro zone.
市场将密切关注这一言论是否预示意大利将重蹈财政混乱，背负欧元区最大国债的覆辙。
And Greece is not the only country in trouble. High levels of public debt in Ireland, Portugal and Spain are also worrying debt markets.
当然，希腊并非是处于困境的唯一国家。爱尔兰、葡萄牙和西班牙的高额公共债务也使债权市场忧心重重。
That explains why Greece was first to lose the confidence of the markets with a public-debt-to-GDP ratio of 127% and a budget deficit of 15.5%.
这解释了为什么希腊一开始就对市场失去了信心，当时其公债与GDP的比率为127%，预算赤字占GDP的15.5%。
And, despite a few recent wobbles, the bond markets seem largely unconcerned about Belgium's giant public debt of close to 100% of GDP.
尽管比利时的债券市场最近有些波动，但与比利时接近于GDP100 %的巨额国债似乎没多大关联。
Britainis adding to its public-debt burden at a faster rate than most others and bond markets can turn quickly, so it is prudent to shrink the deficit towards the rich-world norm.
英国正在以比其他国家更快的速度增加其公共债务负担，而且债券市场可以转变的很快，所以审慎的做法是对富裕国家缩减财政赤字。
Actually raising the capital is the next big problem for countries such as Spain or Italy, which are already struggling to convince markets that their public debt is sustainable.
实际上，募集资金是西班牙，意大利等国家面临的下一个大问题，他们已经在费尽心思希望说服市场相信其国债的可持续性。
To the extent that slow growth hurts tax revenues, and thus the ability to service public debt, markets may begin to take a less benign view of slow growers' bonds.
实际上，这两个问题是相互关联的，缓慢的经济增长会影响税收收入，从而使得偿还国债的能力受损，因而市场开始不看好经济增长缓慢国家的债券。
To the extent that slow growth hurts tax revenues, and thus the ability to service public debt, markets may begin to take a less benign view of slow growers' bonds.
实际上，这两个问题是相互关联的，缓慢的经济增长会影响税收收入，从而使得偿还国债的能力受损，因而市场开始不看好经济增长缓慢国家的债券。
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