Eurozone leaders must recognize that spending cuts will do nothing to stabilize the balance sheets of core-country banks that are over-exposed to peripheral countries’ sovereign debt. Until Europe rejects austerity in favor of a growth-oriented approach, all signs of recovery will prove illusory.
欧元区领导人必须认识到，支出削减对稳定核心国银行资产负债表无济于事——它们在外围国主权债务上的敞口太大。除非欧洲为了增长导向方针拒绝紧缩，否则所有复苏迹象都将是一场梦。