But they can reduce interest rates by eliminating the perceived risk of sovereign default. Banks will be able to borrow from one another for less, and thus able to lend to firms for less. This suggests that investment may respond better than the pessimists fear.
这并不是说希腊、葡萄牙和西班牙会像当年丹麦、爱尔兰和芬兰那样迅速走上经济扩张之路。因为它们没法儿靠降汇率来促出口。但它们可以消除主权违约风险，从而使利率下降。银行间拆借成本降低之后，才能以更低的利率放款给企业。那样一来，投资的表现将优于悲观者的预期。