混迷ギリシャ 独仏は協調し危機封じ込めを

The Yomiuri Shimbun (May. 18, 2012)
Hollande, Merkel should bridge gap to contain Greek crisis
混迷ギリシャ　独仏は協調し危機封じ込めを（5月17日付・読売社説）

The political turmoil in Greece has deepened after negotiations to form a coalition government fell apart following a general election in which no party secured a majority in parliament. A new election will take place next month.
　ギリシャで、総選挙後の連立交渉が失敗して再選挙が決まり、混迷が深まっている。

The international community is now casting anxious eyes on whether the eurozone economies can unite anew to prevent the debt crisis from flaring up again on the continent.
　危機再燃を防ぐため、改めて欧州の結束が問われよう。

Parties that oppose Greece's austerity measures, such as the Radical Left Coalition (Syriza), may significantly increase the number of their seats in the next general election scheduled for mid-June. Such a situation could severely hinder Greece from compiling the necessary support for further spending cuts, a precondition for receiving financial support from the European Union and the International Monetary Fund.
　６月中旬に実施されるギリシャ再選挙では、急進左派連合など財政緊縮策に反対する勢力が大きく伸長する可能性がある。欧州連合（ＥＵ）などから支援を受ける前提となる歳出削減策の取りまとめが、頓挫しかねない事態だ。

After the collapse of the power-sharing talks, stock prices dropped across the board in global markets, including those in Europe, the United States and Japan, and the euro plunged. The markets' reactions reflect growing awareness that Greece's exit from the eurozone has become a real possibility.
　欧米、日本など世界の株式市場の株価が全面安となり、ユーロが急落した。ギリシャのユーロ圏離脱が現実味を増したと市場が危機感を強めた影響と言える。

If the Greek crisis once again spills over to Spain and Italy, both of whom are rebuilding their finances, it would then spread to other eurozone economies and jeopardize the foundation of the European economy.
　ギリシャ危機が、財政再建途上のスペインやイタリアなどに再び飛び火すれば、欧州経済は揺らぎ、危機が拡大する。

Exports from China and other emerging economies to Europe will inevitably slow down if the financial crisis in Europe worsens, which would have a huge impact on the global economy. Europe is China's biggest market.
　欧州を最大の市場とする中国など新興国の輸出も鈍化し、世界経済に大打撃を与えるだろう。

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Efforts to deter market fears

Newly elected French President Francois Hollande flew to Berlin shortly after taking office to hold talks with German Chancellor Angela Merkel. The meeting was apparently meant to defuse market fears regarding the Greek crisis by emphasizing the willingness of the two countries to take the initiative in resolving it.
　フランスのオランド新大統領が就任直後にベルリンへ飛び、メルケル独首相と会談した。独仏主導で危機対応に取り組む姿勢を改めてアピールし、市場の不安を打ち消す狙いがあったと見られる。

Hollande and Merkel stressed they want Greece to stay in the eurozone. Regarding growth strategy for Europe, which has become the focal point in dealing with the financial crisis, Merkel expressed her plan to prepare specific proposals with France by an EU summit meeting scheduled for late June.
　両首脳は、「ギリシャがユーロ圏にとどまることを望む」と強調した。焦点の成長戦略について、メルケル首相は、６月下旬のＥＵ首脳会議までに独仏共同の具体案をまとめる方針を表明した。

It is meaningful that the two leaders have agreed that Europe should not only focus on austerity measures, and acknowledged the necessity of a new growth strategy. We ask Germany and France to do their best to contain the financial crisis.
　独仏両首脳が、欧州は財政緊縮一本やりでなく、新たな成長戦略を必要としている、との認識で一致した意義は大きい。危機封じ込めに全力を挙げてもらいたい。

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Difference between 2 leaders

However, Merkel and Hollande differ fundamentally in their positions for dealing with the crisis, which could cast a shadow on their cooperation.
　問題は、両首脳の考えに根本的な部分で隔たりがあることだ。

Hollande has demanded renegotiation of the EU's new budget discipline treaty--which was spearheaded by his predecessor, Nicolas Sarkozy--to include pro-growth elements in the pact. In domestic politics, Hollande has promised the French public to implement certain stimulus measures, such as hiring an additional 60,000 teachers.
　オランド大統領は、サルコジ前大統領が推進した財政規律強化のためのＥＵ新条約について、成長に関する項目を盛り込むよう再交渉を主張してきた。国内では、６万人の教員採用など、財政出動を伴う公約を打ち出している。

In contrast, Merkel has put her priority on fiscal discipline. She has not changed her position of rejecting renegotiation of the new treaty, which 25 EU members--all but Britain and the Czech Republic--have signed.
　メルケル首相は、財政規律を重視する立場だ。英国とチェコを除くＥＵ２５か国が署名済みの新条約を、再交渉することはできないという姿勢を崩していない。

Will Europe be able to devote sufficient attention to growth strategy while maintaining budget discipline? Germany and France should accelerate their efforts to build a consensus on devising a specific growth strategy and on whether to renegotiate the budget discipline treaty.
　財政規律を維持しつつ、成長戦略にどう目配りするのか。独仏は成長戦略の具体化や新条約の扱いを巡り合意形成を急ぐべきだ。

Europe's financial crisis is expected to top the agenda at a Group of Eight summit meeting scheduled for this weekend in the United States.
　今週末、米国で開かれる主要８か国（Ｇ８）首脳会議は、欧州危機が主要議題となる。

Prime Minister Yoshihiko Noda should ask Europe to settle the financial crisis as soon as possible. It is essential for Japan, which has yet to experience a full-fledged economic recovery, to prevent the excessive strength of the yen from becoming the status quo due to the turmoil in the Europe.
　野田首相は、欧州に、危機の早期収束を重ねて求めるべきだ。本格的な景気回復が遅れている日本としては、欧州の混乱に伴う超円高の定着を防がねばならない。

(From The Yomiuri Shimbun, May 17, 2012)
（2012年5月17日01時10分 読売新聞）