The biggest question in any debt crisis is whether a credible path back to solvency can be found. For Greece, this now seems very unlikely. The same is true, to a lesser extent, for Ireland and Portugal. This raises three further questions. First, how big is any required restructuring? Second, who should bear the cost? Finally, is restructuring enough? If the answer to the last question is No, then one has to ask whether the currency union will last in its current form.
在任何一場債務危機中，最大的問題是能否找到一條恢復償債能力的可靠途徑。對眼下的希臘而言，這看上去不太可能。愛爾蘭和葡萄牙也是如此，只是程度稍輕。這進一步提出三個問題。首先，所需進行的債務重組規模有多大？其次，誰應為重組埋單？最后，債務重組足以解決問題嗎?如果最后這個問題的答案是“不能”，那么我們必須問一問，歐元這個貨幣聯盟能否以當前形態維持下去。
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