Europe is slowly but surely falling into the same trap Latin American countries fell into, again and again, during the second half of the last century. The more the authorities try to avoid a currency crisis, banking failures and sovereign default, the more likely such doom becomes. One thing we have learnt from our region’s experience is that piecemeal, time-buying strategies always end up in a messier outcome – and almost always in the messiest possible one.
歐洲正緩慢但確定無(wú)疑地墜入拉美國(guó)家在上世紀(jì)后半葉一而再、再而三墜入的同一陷阱。有關(guān)當(dāng)局越是努力避免貨幣危機(jī)、銀行業(yè)崩潰和主權(quán)債務(wù)違約,這些災(zāi)難就越有可能降臨。我們從拉美的經(jīng)歷中汲取到的一條教訓(xùn)是,零敲碎打式的拖延時(shí)間戰(zhàn)略,最終總會(huì)導(dǎo)致更糟糕的結(jié)果——而且?guī)缀蹩偸撬锌赡芙Y(jié)果中最糟糕的一個(gè)。