Last month, Athens; next week, Lisbon: by dint of austerity tourism, Germany’s Chancellor Angela Merkel is announcing her near-term plan for the euro. So long as governments in the periphery are at least attempting to abide by the centre’s conditions, the European Central Bank will prevent cliff dwellers from toppling into the abyss. There will be drama, of course; witness the brinkmanship on Greece. But neither sovereign bankruptcy nor banking bust will be allowed to trigger a crack-up.
德国总理安格拉•默克尔(Angela Merkel)上月访问雅典，本周又访问里斯本。通过一路游说紧缩政策，默克尔宣布了她针对欧元的短期计划。只要欧元区外围国家的政府仍然试图满足核心国家的条件，欧洲央行(ECB)就将阻止这些濒临悬崖的国家跌入深渊。当然，戏剧化场面不可避免——看看希腊的边缘政策。但默克尔不会允许任何情况引发欧元区解体，无论是主权国家破产还是银行业崩溃。
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