The euro's crisis boils down to this: national treasuries do not have enough spare cash both to guarantee outstanding debt and maintain their own credit ratings.

欧洲所面临的危机可以归结为以下几点：国家财政缺乏足够的富余资金去担保未偿债务，维持他们的信用等级。

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Starting this year, China will follow standard international practices by adopting the method of outstanding balance management for its national debt.

从今年开始，参照国际通行做法，采取国债余额管理方式管理国债发行。

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Countries can reduce their national debt by narrowing the budget deficit or achieving a primary surplus (the fiscal balance minus interest payments on outstanding debt).

各国可以通过降低预算赤字或实现基本盈余（财政余额减去存量债务的利息）降低国民债务水平。

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Otherwise, refinancing government debt at high interest rates adds to the budget deficit and outstanding national debt.

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They can still roll over debt, covering any debt that becomes due with new borrowing, which would not require increasing the total outstanding national debt.

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Just to recap the analysis in the previous post, over the past 20 years from FY1990 to FY2011 outstanding national and local government debt grew by JPY 500 trillion, 127.8 percent of GDP on a net basis (229.1 percent on gross), the highest among OECD countries by far.

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