Similarly, although the one-size-fits-all monetary policy contributed to Greece’s excessive indebtedness, and to Spain’s real-estate bubble, eurozone leaders have consistently sought to re-align interest rates, for example, by compelling holders of Greek debt to accept “haircuts” (write-downs on principal). But the impact is severely limited without external devaluation, which is impossible within a monetary union.
类似地，尽管一刀切货币政策导致了希腊的国度负债和西班牙的房地产泡沫，但欧元区领导人一直在致力于理顺利率，其方法包括（比如）强迫希腊债券持有者接受“剃头”（haircut，即本金减记）。但在无法外部贬值的情况下（因为希腊属于货币联盟），这样做的效果极为有限。