Every which way but solved

　　远未解决

　　A bail-out strategy as bankrupt as Greece should be ditched. It probably won’t be

　　本应放弃像希腊一样没有偿债能力的纾困措施。但也许未必如此

　　May 12th 2011 | ATHENS AND LONDON | from the print edition

　　IF APRIL is the cruellest month for poets, May is the harshest one for European leaders. A year ago they tore up the rule book to bail out Greece and to ward off market attacks on other fiscal reprobates in the euro area. The first anniversary of the rescue mission has been nothing to celebrate. Despite a year of grinding hardship Greece looks ever more likely to have to restructure its debts. The official rescue funds hastily mustered in May 2010 have had to be deployed twice more since then, first to support Ireland late last year, and now to keep Portugal afloat.

　　如果对诗人来说，四月是最残忍的一个月，那么对欧洲领导人来说，五月就是最严酷的月份。一年前，他们违反了规则对希腊进行纾困，以避免其它有债务问题的欧盟国家也受到市场冲击。援救行动的第一个周年纪念没有什么值得庆祝的。尽管经历了一年艰辛不懈的努力，希腊看起来却更可能进行债务重组了。继2010年5月之后，又两次动用了那时仓促筹集的官方援助资金，第一次是去年年底支援爱尔兰，现在则是为了保住葡萄牙。

　　The most pressing concern is Greece. The big hitters in the euro area—in particular Germany and the European Central Bank—are squabbling furiously about how to deal with the country’s debt burden. News of a “secret” meeting on May 6th between finance ministers from Greece and its main euro-area creditor states leaked out along with a report that Greece might leave the euro. That claim was strenuously denied. But policymakers seem unable to agree on much else.

　　最紧迫的问题是希腊。欧元区重量级人物——特别是德国和欧洲央行——正为如何处理希腊的债务而激烈争吵。有消息称，5月6日希腊财长们和它在欧元区主要的债权国秘密会晤，并且透露出一份希腊可能被逐出欧盟的报告。这个说法被各方强烈否认。但是政策制定者们似乎再无意见相同之处。

　　The original plan in May 2010 was conceived on the notion that Greece faced an acute but temporary funding problem. A liquidity issue could be addressed by using official lending from the euro area and the IMF of