Greece faces the threat of state bankruptcy. No longer is there any illusion that membership of Europe's economic and monetary union (Emu) provides protection from harsh realities. Since it entered the euro area in 2001, Greece has sacrificed competitiveness and amassed enormous trade deficits. Theoretically, to make up the economic ground lost in less than a decade, the Greeks would need to devalue by 40 per cent. But in a monetary union, that is impossible.
希腊面临着国家破产的威胁。人们不再抱任何幻想，以为欧洲manbetx20客户端下载 与货币联盟(Emu)的成员国身份，就能让希腊避免严酷的现实。自2001年加入欧元区后，希腊牺牲了竞争力，并累积了巨额贸易赤字。从理论上讲，要想弥补过去不到十年时间内在manbetx20客户端下载 上的损失，希腊大概需要货币贬值40%。但在一个货币联盟之内，这是不可能的。
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