Far from abating, the euro crisis has recently taken a turn for the worse. The European Central Bank relieved an incipient credit crunch through its longer-term refinancing operations. The resulting rally in financial markets hid an underlying deterioration; but that is unlikely to last much longer.
欧元区危机近来不但毫无缓解，反而变得更加糟糕。欧洲央行(ECB)通过长期再融资操作缓解了一场初现的信贷紧缩，由此导致的金融市场反弹掩盖了深层的恶化，但这种情况不会再持续多久了。
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