The euro gave these countries access to cheap credit, which was used to finance wage increases that were not underpinned by productivity gains. This led to a price explosion and massive external deficits.
欧元让这些国家得到了廉价信用，这笔信用被用来为工资提升买单，而工资的提升并无生产率提高作为支撑。这导致价格暴涨，外部赤字剧增。