Greece has no good options, but a serious contagion risk remains to be contained in order to prevent derailment of the fiscal and growth-oriented reforms in Italy and Spain. In the face of high systemic risk, private capital is leaving banks and the sovereign-debt markets, causing governments’ borrowing costs to rise and bank capitalization to fall.
希腊没有什么好选择，但如果想要防止意大利和西班牙财政和增长导向改革受到阻挠，就必须设法解决巨大的传染风险。在系统性风险高企的情况下，私人资本正在逃离银行和主权债务市场，导致政府借贷成本升高、银行资本充足率下降。这反过来又威胁到金融系统的运转和改革措施的效率。