The eurozone crisis is over. (You hadn’t heard?) Italy is back from the brink, Greece has its second cheque, Ireland and Portugal are learning to love austerity, Spain keeps adding two and two together and making five, and the European Central Bank has flooded the banking system with more than €1tn of liquidity. Yields on 10-year sovereign bonds have fallen to about 5 per cent for Spain and Italy. Stocks are up 10 per cent since late November. The mood is dangerously smug.
歐元區危機已經結束——你難道還沒聽說？意大利從懸崖邊緣退了回來，希臘拿到了它的第二張支票，愛爾蘭和葡萄牙正在學會愛上緊縮，西班牙一直在努力讓2加2等于5，歐洲央行(ECB)向銀行系統注入了超過1萬億歐元的流動性。西班牙和意大利10年期主權債券收益率跌至約5%。股市自去年11月底以來累計上漲了10%。市場的自滿情緒已經有些危險了。
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