With Italy too big to fail, too big to save, and now at the point of no return, the endgame for the eurozone has begun. Sequential, coercive restructurings of debt will come first, and then exits from the monetary union that will eventually lead to the eurozone’s disintegration.
意大利太大，因此不能倒；同样，因为它太大，因此救不起。如今，意大利正处于走向不归路的边缘，欧元区终结的大幕正在拉开。有序、强制的债务重组将是第一步，接下来则是一些国家退出货币联盟，最终，欧元区将分崩离析。