After savaging the financial markets , the credit crisis has broken loose into the real economy .
在把金融市场搅了个天翻地覆之后，次贷危机的魔爪开始伸向实体经济。
They believe they are at a disadvantage to us banks , which can shift their holdings to a cost basis more easily and escape the savaging of asset values in today 's markets .
Cutting back public services , savaging pension entitlements and imposing a regime of near zero interest rates that guarantees negative returns for ordinary savers does not have the same devastating impact as hyperinflation or full scale deflation .
At the time , many economists said that greece would struggle to generate enough economic growth to escape a sovereign debt burden which equaled about 150 per cent of gross domestic product while savaging government spending .
How we go about stemming the tide of red ink is , however , a choice - and by making tax increases part of the solution , we can avoid savaging the poor and undermining the security of the middle class .
