由于增长放缓迫使它们不得不借新债还旧债，利率也随之水涨船高，挤出了实体经济中的企业，进一步拖累了增长。
Because slower growth forces them to borrow new money to pay their maturing debts, interest rates are bid up, and businesses in the real economy are crowded out, creating a further drag on growth.