Ishould have known what would happen when you post a question at the end of a column. Last week I asked how it could be, that somebody who was pessimistic about the eurozone six months ago could be optimistic today? If you always thought it was just a liquidity crisis, you should not have been worried then, and you would be right to be optimistic now. If you thought of it as a solvency crisis, as I did, you should still be worried now.

我本该知道，如果在一篇专栏文章的末尾提问会发生什么。上周，我提出了一个问题：6个月前对欧元区还是一副悲观态度的人们，怎么可能现在却变得乐观起来？如果你一直认为这只是一场流动性危机的话，那么你本不应该担心，现在乐观是正确的。如果你和我一样认为这是一场偿付危机的话，那么你现在仍然应该担心。

Several readers pointed out to me, quite rightly, that I offered only an extreme choice. What about a solvency crisis that is not inherent but caused by a liquidity squeeze – a self-perpetuating insolvency crisis? Solvency is, after all, an analytic concept. It depends on the level of debt, future growth, ability to tap private sector wealth through taxation, ability to raise funds through privatisation and, of course, future market interest rates. Reasonable people could disagree on all of these. Even Germany could be considered insolvent if you assumed a sufficiently high interest rate.

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