This assumption is patently false. Despite all the pain Greece has suffered – a 30% drop in aggregate demand since the last cyclical peak and a rise in unemployment to more than 25% of the workforce – the Greek economy is still nowhere near competitive enough to repay its debts.
ELA资金假设希腊经济只是暂时性流动性不足，而不是资不抵债。这一假设大错特错。尽管希腊遭受了巨大的痛苦——自上一个周期波峰以来总需求下降了30%，而劳动力失业率超过了25%——希腊经济的竞争力仍远远不足以偿还它的债务。