A successful strategy would have to address one of the eurozone’s main design flaws: member governments issue debt in euros, a currency that they cannot control. As a result, they cannot provide a guarantee to bondholders that the cash will be available to pay them at maturity.
成功的战略必须修正欧元区的主要设计缺陷之一：成员国政府用欧元发债，而欧元是它们无法控制的货币。结果，它们无法为债券持有人提供到期必能用现金偿还债务的保证。