For starters, the eurozone crisis is worsening, as the euro remains too strong, front-loaded fiscal austerity deepens recession in many member countries, and a credit crunch in the periphery and high oil prices undermine prospects of recovery. The eurozone banking system is becoming balkanized, as cross-border and interbank credit lines are cut off, and capital flight could turn into a full run on periphery banks if, as is likely, Greece stages a disorderly euro exit in the next few months.
首先，欧元区危机正在恶化，由于欧元维持强势，前瞻性财政紧缩将会深化多个成员国的衰退，而外围国信贷动荡和高油价又阻挠了复苏前景。随着跨国及银行间信用的收缩以及希腊可能在未来几个月无序退出欧元区将导致资本外逃演变为外围国银行的完全挤兑，欧元区银行系统正在分崩离析。