We now know that the best credit must stand behind the rest, or else bear runs, such as those that have derailed Greece, Ireland, and Portugal – and that now threaten to do the same to Italy and Spain – are inevitable. Debt mutualization alone will not save the euro, but, without it, the eurozone is unlikely to survive intact.
我们现在知道的是，剩下的国家的信誉不能再受损了，否则的话，恐慌性挤兑——也就是已将希腊、爱尔兰和葡萄牙拖入万劫不复，如今又在将意大利和西班牙逼上绝路的挤兑——将是不可避免的。光靠债务共同化无法拯救欧元，但如果没有债务共同化，欧元区就不可能完好无损。