The biggest question in any debt crisis is whether a credible path back to solvency can be found. For Greece, this now seems very unlikely. The same is true, to a lesser extent, for Ireland and Portugal. This raises three further questions. First, how big is any required restructuring? Second, who should bear the cost? Finally, is restructuring enough? If the answer to the last question is No, then one has to ask whether the currency union will last in its current form.
在任何一场债务危机中，最大的问题是能否找到一条恢复偿债能力的可靠途径。对眼下的希腊而言，这看上去不太可能。爱尔兰和葡萄牙也是如此，只是程度稍轻。这进一步提出三个问题。首先，所需进行的债务重组规模有多大？其次，谁应为重组埋单？最后，债务重组足以解决问题吗?如果最后这个问题的答案是“不能”，那么我们必须问一问，欧元这个货币联盟能否以当前形态维持下去。
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