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A firewall fullof holes 欧元危机;漏洞百出的防火墙; The euro zone s rescue strategy still does not addup; 欧元区救助策略依然一盘散沙; There is a new swagger among European financialofficials these days. As bond spreads narrow, shareprices rise and the euro strengthens, manypolicymakers are convinced the crisis has beensolved. At a G20 gathering of finance ministers inMexico City on February 25th-26th, for instance, the European delegates were touting theirsuccess. It is a far cry from the browbeatings they suffered during 2011. 当前，欧洲财政官员们流露出新的自大情绪。随着债券息差缩小，股票价格上涨，欧元势头强劲，众多决策者坚信这场危机已经终结。如2月25日-26日在墨西哥城召开的20国财长会议上，欧洲代表不断吹嘘他们的成功。这与他们2011年危机中恐惧的样子可真是天壤之别。 This mood of confidence can largely be credited to the European Central Bank and itsprovision of liquidity to banks. But add in Greeces second bail-out deal, tough neweuro-zone fiscal rules, bold reforms in Italy and Spain andso the argument goesit isclear that the Europeans are serious about fixing their problems. Just in case, the imminentintroduction of the European Stability Mechanism , a permanent rescue fund, as wellas an increase in the IMFs resources, also mean that a solid firewall is being erected to copewith another conflagration. | 
