The euro crisis had its origin in German Chancellor Angela Merkel’s decision, taken in the aftermath of Lehman Brothers’ default in September 2008, that the guarantee against further defaults should come not from the European Union, but from each country separately. And it was German procrastination that aggravated the Greek crisis and caused the contagion that turned it into an existential crisis for Europe.
欧元危机的根源是德国总理默克尔在2008年9月雷曼兄弟公司违约后的决策——对不会发生进一步违约的担保不应该来自欧盟，而应该由各国各自做出。而正是德国的犹豫逡巡加重了希腊危机，导致了危机的蔓延，最终演变成危及欧洲生存的大危机。