Moreover, the extension of ECB monetary support to Greece will transform financial conditions: interest rates will plummet, banks will recapitalize, and private credit will gradually become available for the first time since 2010. If budget targets were strictly enforced by bailout monitors, which seems unlikely, this improvement in conditions for private borrowers could easily compensate for any modest tightening of fiscal policy.
这些结构改革比财政目标重要得多，不管是对欧洲其他国家的象征意义还是对希腊经济而言。此外，延长欧洲央行对希腊的货币支持将转变金融环境：利率将下降，银行将资本重组，私人信用将逐渐可得（这是2010年以来没有发生过的事）。如果援助监督者严格执行预算目标——这看起来不太可能——这一私人借款人条件的改善轻而易举就能补偿任何财政政策的略微收紧。