Greece faces the threat of state bankruptcy. No longer is there any illusion that membership of Europe's economic and monetary union (Emu) provides protection from harsh realities. Since it entered the euro area in 2001, Greece has sacrificed competitiveness and amassed enormous trade deficits. Theoretically, to make up the economic ground lost in less than a decade, the Greeks would need to devalue by 40 per cent. But in a monetary union, that is impossible.
希臘面臨著國家破產的威脅。人們不再抱任何幻想，以為歐洲經濟與貨幣聯盟(Emu)的成員國身份，就能讓希臘避免嚴酷的現實。自2001年加入歐元區后，希臘犧牲了競爭力，并累積了巨額貿易赤字。從理論上講，要想彌補過去不到十年時間內在經濟上的損失，希臘大概需要貨幣貶值40%。但在一個貨幣聯盟之內，這是不可能的。
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