First, the eurozone authorities misread the real causes of the debt crisis, which stemmed mainly from a growing competitiveness gap between the core and periphery countries. The resulting private-sector imbalances culminated in banking problems that were eventually transferred to sovereigns.
这一战略的空白显而易见。首先，欧元区当局误解了债务危机的真正根源。债务危机的主要原因是核心国和外围国的竞争力差距拉大。由此产生的私人部门失衡累积为银行问题，并最终转移为主权信用问题。希腊的财政挥霍与其说是例外，不如说是常规。