Solvency has become a big issue for Greece because of a cocktail of high current debt levels, large primary fiscal deficits, high interest rates and negative growth prospects. There are serious reasons to doubt that the country will be able to repay its debt entirely, even if it implements in full the large and protracted budgetary adjustment now on the table, and regains competitiveness. Other eurozone countries face difficulties of a similar nature if not of similar acuteness. The issue has a strong European Union-wide dimension as public debt is largely held by residents of other EU countries. So the question arises: how should the eurozone deal with debt restructuring by one of its members?
沉重的短期债务、庞大的基本财政赤字、较高的利率水平以及负增长的前景，这些因素交织在一起，使得偿付能力成为了希腊面临的大问题。人们有像样的理由怀疑，即使目前摆在台面上长期、大规模预算调整方案得以全面实施，且希腊也恢复了竞争力，该国能否全额偿还债务？其它欧元区国家也面临同样性质的难题，只是严重程度不同。这一问题带有明显的欧盟地区特色：公共债务主要是由区内其它国家的公民持有。这就产生了一个问题：欧元区该如何应对某个成员国的债务重组问题？