Yes, the liabilities of southern Europe’s private sector were speculative and potentially insecure; but the region was part of the eurozone, and thus its governments’ debts were backed by the European Central Bank, which in turn was backed by the governments of France and Germany, which in turn were backed by the willingness of French and German taxpayers to pay for the long-run project of closer European integration.
Sí, los pasivos financieros del sector privado del sur de Europa eran especulativos y potencialmente inseguros; pero la región era parte de la eurozona y, por ende, las deudas de sus gobiernos estaban respaldadas por el Banco Central Europeo, que a su vez estaba respaldado por los gobiernos de Francia y Alemania, que a su vez estaban respaldados por la voluntad de los contribuyentes franceses y alemanes de pagar por el proyecto a largo plazo de una mayor integración europea.