That was a grave mistake. Fiscal adjustment and structural reform without financing is more fragile and liable to fail without a war chest of liquidity to prevent a run on public debt while the appropriate policies are implemented and gradually gain credibility.
迄今为止，希腊当局和欧盟一直说不需要融资，它们是怕对外示弱并引起反感。这真是大错特错。没有资金保证的财政调整和经济结构改革是脆弱的，一旦有关政策进入实施阶段并且逐步获得公信力，就会出现一波公债抛售潮，此时若手里没有充裕的流动资金，那改革还是会功败垂成。