European leaders converge on Brussels Sunday for a crucial summit aimed at forging a plan to save the euro currency. As Greece struggles to avoid a default on its debts, EU leaders must try to stop the crisis from spreading to much bigger economies like Italy and Spain, which could threaten the future of the European Union itself.
欧洲国家领导人将于星期天在布鲁塞尔举行一个重要峰会，目的在于制定一项拯救欧元的计划。在希腊艰难地设法避免债务违约之际，欧盟领导人必须设法防止这场危机扩散到意大利和西班牙等更大的经济体。如果危机扩散，可能威胁到欧盟的未来。
Two days of violent protests and strikes preceded Greece's latest effort to slash government spending. Defying the protesters, Prime Minister Papandreou succeeded in getting the latest round of austerity measures passed in Parliament, vital to secure the next slice of European and IMF bailout money.
在希腊推进削减政府开支的新一轮努力之前，民众进行了为期两天的暴力抗议和罢工。希腊总理帕潘德里欧无视抗议者的要求，成功地使最新一轮的财政紧缩方案在议会通过，这对希腊获得欧盟和国际货币基金组织(IMF)提供的下一笔援助金至关重要。
That will give encouragement to European leaders. After months of turmoil and credit downgrades, Sunday's summit is billed as the moment Europe must finally come together to stem the tide of its debt crisis. German Chancellor Angela Merkel struck an upbeat tone ahead of the meeting.
这将给欧洲领导人带来鼓舞。在经过几个月的混乱和信用评级下降之后，星期天的峰会成为欧洲必须最终团结一致遏制债务危机蔓延的时刻。德国总理默克尔在此次峰会前夕发出积极的呼声。
"If we want to use the crisis as an opportunity," Merkel said, "if we are determined to have more Europe, then we must seize the crisis as an opportunity and be prepared for unconventional and quicker action."
默克尔说：“如果我们想利用这次危机作为一个机会，如果我们决心想要一个更加整合的欧洲，我们就必须抓住这次危机带来的机会，准备采取非常规的、更迅速的行动。
Few leaders appear confident of a quick agreement; a second summit has already been penciled in for Wednesday next week. By then, France and Germany say they will have bridged their differences on how Europe's bailout fund should be strengthened.
看来很少有欧洲领导人对迅速达成协议抱有信心。欧盟定于下星期三举行第二次峰会。法国和德国表示，届时它们将就如何加强欧洲的援助基金弥合分歧。
Analysts say the initial focus will be on how to pump more capital into troubled banks. And that's just the start.
分析人士说，初步的一个重点将在于如何向陷入困境的银行注入更多资金，而这只是开始。
Europe needs to show it will bail out bigger countries like Italy and Spain if they caught in a debt spiral, says Tobias Blattner of Daiwa Capital Markets.
大和资本市场公司的托比亚斯·布拉特纳说，欧洲需要表明，如果意大利和西班牙等更大的经济体陷入债务螺旋，它将会提供救助。
"They need to increase the firepower of the bailout fund so that we finally stop contagion and there are no worries about an eventual Italian default," said Blattner. "This is what they have to do. But unfortunately how it looks now is that the proposals, how they want to leverage this temporary bailout fund, will not be enough. And this is why the summit will most likely disappoint financial market participants."
布拉特纳说：“他们需要加强援助基金，这样我们才能防止危机蔓延，才能不担心最终意大利会对其债务违约。这是他们必须做的。但不幸的是，目前看来，关于他们要如何加强援助基金的建议是不够的。这就是为什么这次欧盟峰会很可能会让金融市场参与者失望。”
Tim Ohlenburg of London analyst group the Center for Economic and Business Research says more radical measures are needed for investors to regain confidence in Europe.
伦敦的分析机构经济和商业研究中心的蒂姆·欧伦伯格说，需要采取更多激进的措施，使投资者对欧洲重拾信心。
"We think there's hope for the eurozone in the long term overall if Europe manages to put a new institutional framework in place and manages either to let go of economies that are not viable in the euro, or find a transfer mechanism," said Ohlenburg.
欧伦伯格说：“我们认为，如果欧洲能够实行新的机构框架，能够放弃不适合采用欧元的国家或者找到一项转移机制，从长期来讲，欧元区总体上是有希望的。”
No eurozone leader dares to talk in public of weaker members dropping the currency. But the only alternative, says Olehnburg, is a truly federal Europe.
没有哪个欧元区领导人敢公开谈论让较弱的成员国放弃欧元。欧伦伯格说，唯一的替代办法是构建一个真正联合的欧洲。
"I think the only way to put an end to this situation, in general, is treaty change," added Ohlenburg. "More power to Europe, closer integration, fiscal union."
欧伦伯格说：“我认为结束当前这种状况的唯一办法是修改欧盟条约，给欧洲带来更大的力量，更密切的整合，构建财政联盟。”
Such is the gravity of its debt crisis that Europe's very foundations are up for debate.
此次债务危机如此严重，以至于要讨论欧洲的根基问题。 |