The experience of Iceland and many emerging markets over the past 20 years shows that nominal depreciation and orderly restructuring and reduction of foreign debts can restore debt sustainability, competitiveness, and growth. As in these cases, the collateral damage to Greece of a euro exit will be significant, but it can be contained.
过去20年来，冰岛和许多新兴市场的经验表明，名义贬值和有序重组及削减外债可以重塑债务可持续性、竞争力和增长。和这些案例一样，希腊退出欧元区的附带伤害将会很大，但不是不可承受。