ギリシャ危機 破綻回避しても課題は山積

The Yomiuri Shimbun (Mar. 23, 2012)
Greek default avoided, but many problems remain
ギリシャ危機　破綻回避しても課題は山積（3月22日付・読売社説）

The Greek government, which has fallen into a fiscal crisis, has managed to get through a major bond redemption, avoiding a chaotic debt default.
　財政危機に陥ったギリシャが大量の国債償還を乗り切り、無秩序な債務不履行（デフォルト）を回避した。

We welcome the progress made in efforts to contain the eurozone crisis, which has plunged the world into turmoil.
　世界を混乱させてきた欧州危機の封じ込めに向け、前進したことを歓迎したい。

But we must not fall prey to optimism that the crisis is over. The Greek government should not ease its watchfulness but do its utmost to revive its economy.
　しかし、これで危機を脱したという楽観は禁物である。ギリシャは緊張感を緩めず、経済再生に全力を挙げてもらいたい。

Disarray in the massive bond redemption was avoided as the Greek government was guaranteed the funds it needed for the redemption, thanks to a second rescue package worth up to 130 billion euros (about 14 trillion yen) from the European Union and the International Monetary Fund, together with a debt reduction by private creditor banks.
　国債償還で混乱が起きなかったのは、欧州連合（ＥＵ）などが１３００億ユーロ（約１４兆円）の第２次支援策を決め、金融機関も債務カットに応じて、ギリシャの資金繰りにメドがついたためだ。

These makeshift measures to rescue the Greek government, at least for the time being, appear to have worked.
　ギリシャを救済する当面の応急措置が功を奏したと言える。

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Global markets rebound

In the United States, the Dow Jones industrial average has been hovering above the 13,000 mark, and Tokyo stocks have recovered to above 10,000. The euro, which had plummeted, has turned upward against other major currencies.
　ニューヨーク株式市場の株価は１万３０００ドル超で推移し、東京市場の株価も１万円台を回復している。一時は急落していた通貨ユーロも上昇に転じた。

Apparently responding positively to a recent upturn in the U.S. economy, a sense of reassurance seems to be spreading in the markets.
　最近の米国の景気回復も好感されて、市場にはひとまず、安堵(あんど)感が広がっているのだろう。

Yet there remains a mountain of problems.
　ただ、まだ課題は山積する。

The Greek government has faced the possibility of default many times, rocking Europe and the world. It must not cause such turmoil again.
　ギリシャは、これまで何度も破綻の危機に直面し、欧州や世界を揺るがしてきた。同じような混乱を繰り返してはならない。

First and foremost, the government must steadily implement the strict fiscal measures it promised, including cutting the number of civil servants and their wages, and tackling fiscal reconstruction and economic revival.
　まず、約束した公務員削減や賃下げなどの緊縮財政策を着実に実行し、財政再建や経済再生に取り組むことが重要だ。

The new administration, to be chosen in a general election slated for late next month, will assume a heavy responsibility. It must contain public opinion opposing strict fiscal management and will also be tested as to how well it can foster internationally competitive industries.
　４月末にも行われる総選挙で発足する新政権の責任は重い。緊縮財政に反発する世論を抑えなければならない。競争力ある産業の育成も問われよう。

The Greek government's debt ratio is a massive 160 percent of its gross domestic product. The government aims to reduce this to about 120 percent by 2020 through fiscal reconstruction.
　ギリシャは、国内総生産（ＧＤＰ）に対する政府債務比率が１６０％と高い。財政再建によって、これを２０２０年までに約１２０％に下げる目標を掲げる。

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5th year of negative growth seen

As the domestic economy has been deteriorating, however, Greece is expected to post negative year-on-year growth for the fifth straight year in 2012. It is difficult to achieve both fiscal reconstruction and economic expansion.
　だが、国内景気が悪化し、１２年まで５年連続のマイナス成長が見込まれている。財政再建と景気拡大の両立は容易ではない。

Should the government blunder in its handling of fiscal reconstruction, Greece may need additional assistance from outside. In Europe, there are other causes of crisis, as seen in the continued high yield of government bonds of Portugal, which continues to face fiscal problems.
　再建がもたつくと、ギリシャはさらなる支援を仰ぐ事態に陥るかもしれない。欧州では、財政不安が続くポルトガルの国債利回りが高止まりするなど、他にも危機の火だねがくすぶる。

The problem is that chiefly due to opposition from Germany, progress has been slower than expected in expanding the scale of lending of the European Stability Mechanism, which the EU will establish in July. Expanding the funding base of the IMF has also been put off.
　問題は、ＥＵが７月に設ける欧州安定メカニズム（ＥＳＭ）の融資規模の拡大が、ドイツの抵抗で遅れていることだ。国際通貨基金（ＩＭＦ）の資金基盤拡充も、先送りされている。

To dispel future concern, it is vital to reinforce the safety net to prevent the market from falling into turmoil. The eurozone must recognize the reality of the crisis, reconfirm its solidarity and prove itself through concrete action.
　先行き懸念を払拭するには、市場の混乱を防ぐ安全網の強化が欠かせない。欧州は危機感を持って結束を再確認し、具体的な行動で示すことが求められよう。

(From The Yomiuri Shimbun, March 22, 2012)
（2012年3月22日01時26分 読売新聞）