German politicians promised their voters that the euro would never lead to fiscal union or tax increases, yet aid to Greece would put those issues on the table.
德国政客向选民保证欧元不会导致财政联盟或是税收增加，但是帮助希腊的行为把问题都摆到了桌面上。
When the latest crisis hit Europe, credit-default swap spreads rose sharply for countries such as Greece, Hungary, Portugal and Spain, yet they barely budged for Turkey.
当最近的一波金融危机冲击到欧洲的时候，一些国家，比如希腊，匈牙利，葡萄牙，西班牙，它们的信用违约交换差额大幅上升，但是土耳其的却几乎没有变化。
But GDP in Greece has crashed under the weight of austerity; Ireland has yet to emerge convincingly from a deep recession; and Spain's economy is barely growing.
但是希腊的GDP却在紧缩的重压下崩溃了；爱尔兰尚未令人信服地从大萧条中走出；西班牙的经济几乎停止了增长。
A majority think that even after the bail-outs of Greece, Ireland and Portugal, the worst is yet to come.
多数高管认为，即使希腊、爱尔兰和葡萄牙得到救助之后，最坏的事仍然尚未发生。
Taken with the concessionary terms agreed on in July, the package gives Greece its best chance yet of emerging from the crisis.
本次达成的一揽子协议，连同七月所达成的特许条款，为希腊摆脱危机提供了最佳契机。
This isn't over yet as we need to see if people in Greece accept the rescue package.
这件事还没有完，我们需要知道希腊人民是否会接受救援计划。
Yet the Brussels summit had on its agenda an armoury of Suggestions on how to make Banks and other creditors share the pain as part of a second bail-out package for Greece.
但是布鲁赛尔峰会的议程当中提出了一篮子的关于怎么样促使银行以及信用机构为希腊第二轮的应急措施分担部分压力的建议。
Yet though this may buy time, it fails to recognise that Greece and maybe the other two as well are insolvent.
也许抒困能争得时间，然而却忽略了希腊及另外两个国家无偿还能力这一事实。
Yet unless default is a realistic threat, there is little incentive for markets to distinguish between the bonds of disciplined countries like Germany and lax ones like Greece.
除非拖欠成了现实存在的威胁，否则市场不会费力区别德国这种金融秩序严格和希腊这种秩序松散国家的债券。
Yet Mr Papandreou also accepts that Greece has made itself vulnerable, as it is “the euro zone's weakest link.
然而，帕潘德里欧先生还接受这样的观点，即作为欧元区最薄弱的一环，希腊很脆弱。
Yet Portugal shares three weaknesses with Greece.
但是葡萄牙也具有希腊的三个弱点。
Yet Mrs Merkel faces mounting opposition at home from those who think she has been too ready to help the likes of Greece and Portugal.
因此，越来越多的德国人因为认为默克尔已经准备向希腊和葡萄牙提供援助而加入到反对默克尔的队伍当中。
Yet the euro's external balance concealed a huge internal divide between places like Germany, with excess savings, and countries such as Spain and Greece, with huge current-account deficits.
但是欧元对外的平衡却掩盖了一些国家与国家之间巨大的内部差距。比如德国拥有多余的储蓄，而西班牙和希腊却负担着庞大的经常项目赤字。
Investors don't yet share Prodi's optimism about Greece.
投资者对希腊并没有普罗迪般的乐观。
Only a drastic reduction in its public debt will allow Greece to get back on its feet. Yet the ECB has hindered this solution by insisting that any write-down must be voluntary.
只有大幅削记公债才能让希腊恢复，但欧洲央行妨碍这种解决办法，坚持任何债务减记都应该是自愿的。
Ireland proposed its deepest budget cuts yet and has followed Greece by accepting a massive international rescue package.
爱尔兰步希腊后尘，接受了国际社会的大规模救助，并提出了史上最严厉的削减预算计划。
Yet as Ireland, Portugal and Spain were caught in the markets' sights besides Greece, Italy remained in the shadows.
然而，撇开希腊不谈，在爱尔兰，葡萄牙和西班牙都抓住了市场曙光的时候，意大利依然笼罩在一片阴霾中。
Yet the Italian case post-dates the convention and another case in Greece concerns preparations for the 2004 Olympics.
不过，发生在意大利的案子推迟了该协定的出台，在希腊的另一桩案子还与2004年雅典奥运会的前期准备工作扯上了关系。
Yet, Germany still holds that Greece should pay the interest rate from 6% to 6.5%, which is the same with that of ten-year treasury bonds.
但德国却始终坚持希腊应该支付6%至6.5%的利息,以与希腊10年期国债的利率水平相同。
It has been two years since the flames were first spotted in Greece, yet the blaze still hasn't been put out. Now it has spread to Italy.
希腊火光初现到现在已经有两个年头了，火灾还没有被扑灭。如今，意大利也被卷了进来。
As the debate rages, the only thing everyone agrees on is that Greece is yet again running out of money - and fast.
随着争论日趋激烈，只有一件事是每个人都赞同的：希腊很快将再次耗尽资金。
Yet Mr Papandreou also accepts that Greece has made itself vulnerable, as it is "the euro zone's weakest link."
然而，帕潘德里欧先生还接受这样的观点，即作为欧元区最薄弱的一环，希腊很脆弱。
If Greece stormed out, and damn the law, as it might yet have to do, it would suffer a run on its Banks, as depositors withdrew euros before they were forcibly converted into devalued new drachma.
如果希腊风暴爆发，法律遭谴责，也可能是非发生不可的，欧元银行会遭遇到一种运行状况，存款人在新德拉克马贬值前取出欧元。
If Greece stormed out, and damn the law, as it might yet have to do, it would suffer a run on its Banks, as depositors withdrew euros before they were forcibly converted into devalued new drachma.
如果希腊风暴爆发，法律遭谴责，也可能是非发生不可的，欧元银行会遭遇到一种运行状况，存款人在新德拉克马贬值前取出欧元。
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