在一些重要国家，失业率居高不下，高企的私人和公共债务抑制了经济增长。
In some key countries unemployment stays unusually elevated, while high levels of private and public indebtedness inhibit growth.
至少这种方式可以留住私人和公共债务的价值，并让国内工资和物价相对于国外降低以改善自身竞争力。
That way, at least, it could write down the value of its private and public debts, as well as cutting its wages and prices relative to those abroad, improving its competitiveness.
为了保持债务的中期可持续性，这些财政调节措施或许是必要的，但其短期效应将导致私人和公共部门总体需求的减少。
Such fiscal adjustment may be necessary to ensure medium-term debt sustainability, but its immediate effect would lead to a reduction in private and public aggregate demand.
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