There goes plan A. With the threat to downgrade the credit ratings of the eurozone’s six triple A rated nations, Europe’s bail-out fund has been holed below the water line. The European Financial Stability Facility’s appeal to investors lay in its triple A status, backed by the creditworthiness of Germany, France, the Netherlands, Luxembourg, Finland and Austria. But with the future of the eurozone in doubt, the idea that any of its strongest members is still a top-notch credit must be fanciful. If the eurozone’s core loses its triple A status – which looks likely if there is not significant progress at this weekend’s summit – the bloc’s finances could become unsustainable.
A计划完了。随着欧元区6个AAA评级国家的主权信用评级都面临调降威胁，欧元区纾困基金就像在吃水线下被打开一个裂口。欧洲金融稳定安排(EFSF)对投资者的吸引力，就在于其AAA评级，而这一评级靠的是德国、法国、荷兰、卢森堡、芬兰和奥地利的信用可靠性的支撑。可是，随着欧元区的未来成为一个疑问，其最强大的几个成员国仍能保持最高信用评级的想法，必定是不现实的。如果欧元区的核心失去AAA评级——如果本周末的峰会没有重大进展，就很可能发生这种局面——那么欧元区的财政就可能变得不可持续。