This triggered a vicious cycle: funds for new investment became scarcer, economic growth slowed and as the debt became more unsustainable, more borrowing was necessary to service debt and more expenditures were reduced.
这形成了恶性循环：新投资减少，经济增长减缓，随着债务越来越不可持续，偿债需要更多贷款，也削减了更多开支。