For several years, Greece drew on the EU’s aptly named “structural funds” and on loans from German and French banks to finance a wide array of highly labor-intensive projects. Employment and incomes soared, and savings piled up.
多年来，希腊依靠欧盟名副其实的“结构基金”和来自德国和法国的贷款为各种劳动力高度密集的项目融资。就业和收入飙升，储蓄也水涨船高。当这一资本流入停止时，希腊资产价格开始下跌，资本品部门的劳动力需求亦然。此外，家庭财富远远超过了工资率，导致劳动力供给下降。因此，希腊从繁荣陷入了大衰退。