Of all the challenges posed to the eurozone by its Greece-induced woes, none is more pressing than reviving economic growth. The €750bn rescue package may already have succeeded in staving off an immediate liquidity and default crisis, either by a nation or a cascade of eurozone banks. But investors were right to take the package outside yesterday and kick it around the playground. Most markets retreated after Monday’s euphoria. That is not surprising: for the package to serve its purpose, sustained eurozone growth must return. Yet the fiscal adjustment required to meet its conditions may shut off the very growth it is designed to inspire.
在希臘危機對歐元區構成的所有挑戰中，最爲緊迫的是恢復經濟成長。7500億歐元的紓困方案，或許已使一個國家或一批歐元區銀行成功避免了眼下的流動性危機和違約危機。但投資者在昨日交易中對該方案的利好視若無睹也有其道理。繼週一大漲之後，多數市場昨日出現回落。這並不讓人感到奇怪：紓困方案要想達到目的，歐元區就必須恢復持續成長。而滿足這一條件所須的財政調整，或許恰恰將扼殺這種其旨在促成的成長。