新冠疫情后欧洲财政刺激的可持续性

Agreed, the sustainability question is key. It's not just about the absolute debt levels, but also the growth outlook. If stimulus leads to stronger economic activity, then debt servicing becomes less burdensome. But if it's just propping up the status quo, then we have a problem.

I'm not so sure it's an immediate crisis. European governments still have some fiscal headroom, especially compared to their US counterparts. Plus, infrastructure investments can pay off long-term, not just be seen as pure 'spending'.

That's a critical point. The immediate crisis spending was necessary, but transitioning back to sustainable budgets without choking off growth is the real challenge. Hard to see how they avoid higher bond yields if debt keeps climbing.