这一既定模式为害尤甚，因为深刻的转型显然需要依靠来自可靠的主权债券市场的融资，而如果关于政府或有负债 — — 一切隐性担保 — — 的不确定性得不到解决，主权债券市场就无法合理地起作用。
This holding pattern is particularly harmful because profound transformation will surely depend on financing from a sound sovereign bond market, which cannot function properly until uncertainty related to the government’s contingent liabilities – all those implicit guarantees – has been resolved.