When Greek government borrowing costs fell below French levels late last month, attention focused on the political turmoil in Paris. There is no doubt that the fall of the government after its inability to set a budget demonstrates dysfunction in Paris, but the real story lay elsewhere. It is the astonishing success of what we have derogatively called the Eurozone’s “periphery” a decade or more after its sovereign debt crisis.
当希腊政府的借贷成本在上月底降至低于法国水平时，人们的注意力集中在巴黎的政治动荡上。毫无疑问，法国政府因无法制定预算而倒台，显示了巴黎的功能失调，但真正的故事在于别处。那就是我们曾经贬称为欧元区“外围”的国家在其主权债务危机爆发十多年后所取得的惊人成功。
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