The eurozone crisis is over. (You hadn’t heard?) Italy is back from the brink, Greece has its second cheque, Ireland and Portugal are learning to love austerity, Spain keeps adding two and two together and making five, and the European Central Bank has flooded the banking system with more than €1tn of liquidity. Yields on 10-year sovereign bonds have fallen to about 5 per cent for Spain and Italy. Stocks are up 10 per cent since late November. The mood is dangerously smug.
欧元区危机已经结束——你难道还没听说？意大利从悬崖边缘退了回来，希腊拿到了它的第二张支票，爱尔兰和葡萄牙正在学会爱上紧缩，西班牙一直在努力让2加2等于5，欧洲央行(ECB)向银行系统注入了超过1万亿欧元的流动性。西班牙和意大利10年期主权债券收益率跌至约5%。股市自去年11月底以来累计上涨了10%。市场的自满情绪已经有些危险了。
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