债券市场是这样的, a certain face value & 总量。 出来auction, 最后融资量是bid price。 也就是说100 face value with certain coupon rate的, 能卖到都少钱, 取决于市 场竞价。 如果融资困难, yield 6%, bid price低, 可以看作以往的债务都需要背负6% yield. 因为债券rotation, 不断偿还旧债, 卖出新债, 这就是债务危机的原因。 希腊如果一直24%的yield滚雪球, 很快就会崩溃。
Yes, Italy acturally has a budget surplus before debt services. Its high bond yield is partly a reflection of political risk and partly contagion fear.
Your argument is nonsense. Debt services account for 7.2% of its GDP, or 1/3 of its tax revenue. Its deficit is less than 1/3 of its tax revenue, of course reasonable.
【在 S**C 的大作中提到】 : Yes, Italy acturally has a budget surplus before debt services. Its high : bond yield is partly a reflection of political risk and partly contagion : fear.