Interest-rate spreads for Italy and Spain are widening again, while borrowing costs for Portugal and Greece remained high all along. And, inevitably, the recession on the eurozone’s periphery is deepening and moving to the core, namely France and Germany.
但由此带来的市场蜜月很快就过去了。意大利和西班牙的利差再次开始抬头，葡萄牙和希腊的借贷成本则一直居高不下。与此同时，欧元区外围的衰退不可避免地正在深化并向核心区（即法国和德国）蔓延。事实上，衰退将在今年恶化，原因如下。