事实上，通缩循环，特别是希腊和西班牙的通缩循环，正在造成产出的快速下降，致使进一步的减支和增税并不能拉低预算赤字和公债占GDP的比重。
Indeed, the deflationary spiral, particularly in Greece and Spain, is causing output to contract so rapidly that further spending cuts and tax increases are not reducing budget deficits and public debt relative to GDP.