And, without that, all it has is a recession strategy that makes austerity and reform self-defeating, because, if output continues to contract, deficit and debt ratios will continue to rise to unsustainable levels. Moreover, the social and political backlash eventually will become overwhelming.
麻烦在于，欧元区只有紧缩战略，却没有增长战略。而没有增长战略，就意味着紧缩战略是一种衰退战略，紧缩和改革都将弄巧成拙。这是因为，如果产出继续萎缩，赤字和债务比率就会继续上升，达到不可持续的水平。此外，社会和政治障碍也将最终变得不可克服。