But the main beneficiary would be Germany. And, in order for the euro to fall far enough, the risk of default in Greece would need to be so large, and the contagion to sovereign spreads of PIIGS so severe that the widening of those spreads would cause a double-dip eurozone recession before currency depreciation could yield benefits.
最后一条路是欧元大幅贬值。但那样一来最大的获益者将是德国。而且，欧元要贬到位，先决条件是希腊的违约风险和及其对欧猪五国国债息差的传导风险极高，高得足以引发欧元区经济出现二次探底，这之后才谈得上收获贬值带来的利益。