This created a two-speed Europe, with debtor countries sinking under the weight of their liabilities, and surplus countries forging ahead. As the largest creditor, Germany could dictate the terms of assistance, which were punitive and pushed debtor countries towards insolvency.
这就造成了速度不一的两个欧洲，债务国在债务重压逐渐沉没，而盈余国则在大步向前。最大债权国德国可以对援助计划指手画脚——这一计划带有惩罚性质，可能使债务国走向破产。与此同时，德国是欧元危机的受益者，因为这压低了汇率，进一步提振了德国的竞争力。