First, the problems of the eurozone periphery are in some cases problems of actual insolvency, not illiquidity: large and rising public and private deficits and debt; damaged financial systems that need to be cleaned up and recapitalized; massive loss of competitiveness; lack of economic growth; and rising unemployment. It is no longer possible to deny that public and/or private debts in Greece, Ireland, and Portugal will need to be restructured.
Sin embargo, hay&nbsp;buenas razones para creer&nbsp;que estamos experimentando&nbsp;una caída&nbsp;más persistente.&nbsp;En primer lugar,&nbsp;los problemas de&nbsp;la periferia de&nbsp;la eurozona&nbsp;son en&nbsp;algunos casos problemas&nbsp;de insolvencia&nbsp;real, no&nbsp;de falta de liquidez: altos déficits y deudas públicas&nbsp;y&nbsp;privadas en ascenso;&nbsp;sistemas financieros&nbsp;dañados que se deben limpiar y&nbsp;recapitalizar; pérdida&nbsp;masiva de&nbsp;competitividad; falta&nbsp;de crecimiento&nbsp;económico;&nbsp;y desempleo en aumento.&nbsp;Ya no es&nbsp;posible negar&nbsp;que las deudas públicas&nbsp;y/o privadas&nbsp;en Grecia, Irlanda,&nbsp;Portugal&nbsp;&nbsp;tendrán que ser&nbsp;reestructuradas.