Leaders agreed to lower interest rates on loans made by the European Financial Stability Fund (EFSF) and they recognized that Greece’s debt burden is unsustainable. But this falls far short of what is needed to arrest the currency union’s deepening crisis.
7月21日的欧元区峰会朝债务算是迈出了一小步。欧元区领导人同意调低欧洲金融稳定基金（EFSF）贷款利率，并认定希腊债务负担为不可持续。但这与解决欧元货币联盟危机深化问题之所需尚相去甚远。许多欧元区经济体——不光是外围国家——的借贷成本仍然维持在不可持续的高水平。比如，西班牙和意大利的经济增长潜力如今在1%徘徊，而其借贷成本已经超过了6%。与此相反，德国主权债务收益率出现了暴跌，拉低了公共和私人部门借贷成本。