ギリシャ支援策 危機を回避できても残る懸念

The Yomiuri Shimbun (Feb. 23, 2012)
2nd bailout for Greece not an end to debt crisis
ギリシャ支援策　危機を回避できても残る懸念（2月22日付・読売社説）

A second bailout plan by the European Union and other concerned parties to deal with Greece's debts has finally been sealed by eurozone finance ministers.
　欧州連合（ＥＵ）などによるギリシャ向けの第２次支援策の実施が、ようやく決まった。

Greece, which is suffering from an ever-worsening debt crisis, is scheduled to redeem a large amount of government bonds on March 20. Without further debt relief measures, it would have been difficult for the country to collect funds, resulting in a default that surely would have an adverse effect that will rock global markets.
　財政危機のギリシャは３月２０日に国債の大量償還を予定する。支援が滞ると資金繰りに行き詰まり、世界の市場を揺るがす債務不履行（デフォルト）に陥るほかない。

We welcome this development. The Europeans were able to arrive at the bailout agreement in the 11th hour, a step forward in averting default for the time being.
　土壇場で支援決定にこぎつけ、当面のデフォルト回避へ前進したことをひとまず歓迎したい。

The second bailout plan agreed on by the eurozone finance ministers has two main components. The first is a 130 billion euros (about 14 trillion yen) rescue package by the EU and the International Monetary Fund. Second, private financial institutions holding Greek debt in the form of government bonds will take further losses on their nominal value.
　ユーロ圏財務相会合が合意した第２次支援策は、ＥＵと国際通貨基金（ＩＭＦ）による１３００億ユーロ（約１４兆円）の融資と、民間金融機関が保有するギリシャ国債の元本削減が柱である。

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Distrust delayed agreement

An outline of the new program had been drawn up in autumn last year. But at the time, eurozone members' distrust of Greece, which by then had already broken several times its promise to rehabilitate its finances, was strong, resulting in a delay to the agreement.
　支援の大枠は昨秋固まったが、財政再建の公約を何度も破ってきたギリシャに対する不信感は根強く、決定が大幅に遅れた。

Last week, the Greek parliament passed an austerity bill that was demanded by eurozone countries and the IMF as one of the conditions for extending the second bailout. It includes additional measures to cut its fiscal spending, and leaders of the country's ruling coalition parties have submitted written promises to European leaders, pledging the politicians' continued efforts at fiscal rehabilitation.
　ギリシャは先週、ユーロ圏などから条件として求められた関連法を成立させ、追加の歳出削減策をまとめた。連立与党は財政改革に取り組む誓約書も提出した。

France, Germany and other countries have recognized these efforts by deciding in favor of the second bailout. We think the decision is not only brave, but also appropriate. It will no doubt contribute to the stabilization of the euro, too.
　独仏両国などが、こうした努力を評価し、２次支援策を決断したのは妥当と言える。通貨ユーロの安定にも寄与しよう。

That said, worries about the future remain.
　だが、先行きに不安も残る。

Greece is likely to hold a general election in April. Antonis Samaras, the leader of the second largest party in the ruling coalition, which leads in voter polls, pledged his party will remain committed to the austerity measures to be implemented by the current administration. However, he also hinted at a possibility they will be reviewed.
　ギリシャでは４月にも総選挙が行われる。優勢が伝えられる与党第２党の党首は、現政権の緊縮策を引き継ぐとしているが、見直しの可能性も示唆している。

Demonstrations against the austerity measures have been ongoing in Greece. The EU and IMF must keep a watchful eye to ensure the country's administration does not go along with public opinion and loosen its firm stance on fiscal reform.
　国内では、緊縮策に反対するデモが続いている。世論に迎合し、政府の改革姿勢が緩まないかどうか、ＥＵとＩＭＦは厳しく監視しなければならない。

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Walk the walk

Greece is now committed to cutting its debt to 120.5 percent of its gross domestic product in 2020 from the current rate of about 160 percent. However, there are fears the country's economy could further deteriorate, resulting in less progress in fiscal reform.
　ギリシャは、国内総生産（ＧＤＰ）に対する債務残高比率を現在の約１６０％から２０２０年に約１２０％に低下させる計画だ。しかし、景気が一段と悪化し、財政再建が進まない恐れがある。

The path ahead for Greece is thus a thorny one: It must carry out biting fiscal rehabilitation measures, while at the same time making efforts to rejuvenate the economy. The Greek government will need strong determination to get things done.
　ギリシャにとっては、財政再建を着実に実行しつつ、景気回復も図らねばならない茨の道が続く。断固たる実行力が求められる。

If Greece were to stop short of reforming its state finances and asked again for further assistance, countries such as Germany and France would become incensed and refuse additional rescue packages.
　改革にまたも行き詰まり、さらなる追加支援を仰ぐ事態を招けば独仏などの反発は必至だ。

In such a situation, the cooperative bond among eurozone countries would lose strength and the idea of a eurozone without Greece could become closer to reality.
　その時は、ユーロ圏の連携が揺らぎ、ギリシャのユーロ離脱論も現実味を帯びることだろう。

Finance ministers and central bank chiefs from the Group of 20 nations, including Japan, the United States, European countries and newly emerging economies, are scheduled to hold a two-day meeting in Mexico this weekend.
　今週末からメキシコで、日米欧と新興国による主要２０か国・地域（Ｇ２０）の財務相・中央銀行総裁会議が開かれる予定だ。

The G-20 needs to urge Greece and other European nations afresh to continue doing all they can do toward overcoming the debt crisis. At the same time, the G-20 nations must reaffirm their ties and aim at stabilizing the global economy.
　Ｇ２０は、ギリシャと欧州に、危機克服への継続した努力を改めて求める必要がある。併せて、Ｇ２０の結束を再確認し、世界経済の安定を目指さねばならない。

(From The Yomiuri Shimbun, Feb. 22, 2012)
（2012年2月22日01時25分 読売新聞）