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收入的一半用于偿付债务利息,开支又是收入的两倍,这是日本中央财政的窘迫现状。一半收入用于付息,说明债务存量巨大:截至2011年,日本国债余额占GDP比例已经超过204%,且随着近期国债余额即将突破千万亿日元的量级,该比例还将进一步上升;而另一方面,总开支是收入的两倍,说明债务情况还将继续恶化,财政只能靠发新债来维系正常运转。问题是,靠发新债来支撑一半财政开支,这样的窘迫日子还能过多久?
Half of its revenue is used to pay interest on its debt, which in turn is double its income. This is a distressing situation for Japan’s central government. Half of the proceeds is used to pay for the interest, which shows that the debt stock is huge: As of 2011, the balance of Japanese government bonds has exceeded 204% of the GDP, and the ratio will further rise as the balance of the national debt soon reaches the order of several petaflops On the other hand, the total expenditure was double that of income, indicating that the debt situation will continue to deteriorate and that the fiscal revenue will only be able to maintain its normal operation by issuing new debts. The question is, how long can such embarrassing days be sustained by issuing new debts to support half of the fiscal expenditures?