Solvency has become a big issue for Greece because of a cocktail of high current debt levels, large primary fiscal deficits, high interest rates and negative growth prospects. There are serious reasons to doubt that the country will be able to repay its debt entirely, even if it implements in full the large and protracted budgetary adjustment now on the table, and regains competitiveness. Other eurozone countries face difficulties of a similar nature if not of similar acuteness. The issue has a strong European Union-wide dimension as public debt is largely held by residents of other EU countries. So the question arises: how should the eurozone deal with debt restructuring by one of its members?
沉重的短期債務、龐大的基本財政赤字、較高的利率水平以及負增長的前景，這些因素交織在一起，使得償付能力成為了希臘面臨的大問題。人們有像樣的理由懷疑，即使目前擺在臺面上長期、大規模預算調整方案得以全面實施，且希臘也恢復了競爭力，該國能否全額償還債務？其它歐元區國家也面臨同樣性質的難題，只是嚴重程度不同。這一問題帶有明顯的歐盟地區特色：公共債務主要是由區內其它國家的公民持有。這就產生了一個問題：歐元區該如何應對某個成員國的債務重組問題？