Fiscal consolidation in the Mediterranean countries might just do the trick, and allow – at great cost – a return to normal financing arrangements. But if market nervousness persists and interest rates remain high relative to rates for secure German debt, the debt burden will rapidly become unsustainable.
欧盟的债务计算方式既模糊不清又不可靠。地中海沿岸国家的财政巩固政策可能会成功，并在付出巨大代价的情况下恢复到正常的财政状况。但如果市场依旧过度焦虑，而现行利率持续高于稳定安全的德国国债利率的话，各国的债务负担状况将迅速恶化。因此欧盟应当对此有所准备并设立一个削减债务的机制。