Of the three schemes, the German plan has most to commend it. It insists on toughconditionality: states being helped will have to provide the fund with collateral andearmarked tax revenue. It is also open about the fact that German borrowing costs will rise,by up to a percentage point. That is an awkward truth, but Germans will also pay if thesingle currency fails. From a poor starting-point, the German proposal is the least bad wayforward.
三个方案中,德国版本最为受到推崇。该方案坚持严格的限制性条件,即:受助国必须向基金提供专项的的税收收入作为抵押品。毫无疑问,德国的借款成本将会由此增加,大约上升一个百分点。成本上升的事实颇为令人尴尬,但换个角度看,如果欧元破产,德国还是要付出相应的代价。欧洲债券已经站在了糟糕透顶的起点之上,而德国的方案代表着最不坏的前进方向。
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