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Europes debt saga欧洲的Every which way but solved远未解决A bail-out strategy as bankrupt as Greece should be ditched. It probablywon’t be 本May 12th 2011 | ATHENS AND LONDON | from the printedition IF APRIL is the cruellest month for poets, May is the harshest one for Europeanleaders. A year ago they tore up the rule book to bail out Greece and to ward off marketattacks on other fiscal reprobatesin the euro area. The first anniversary of the rescue mission has been nothingto celebrate. Despite a year of grindinghardship Greecelooks ever more likely to have to restructure its debts. The official rescuefunds hastily mustered in May 2010 have had to be deployed twice more since then, first to support Ireland late last year, and now to keep Portugalafloat. reprobates 责备; 遗弃; 排斥grinding磨的; 刺耳的; 碾的deployed使展开; 使疏开; 展开; 部署如果2010年5月之后，又两次筹集的官方援助The most pressing concern is Greece.The big hitters in the euro area—in particular Germany and the European CentralBank—are squabbling furiously abouthow to deal with the country’s debt burden. News of a “secret” meeting on May6th between finance ministers from Greeceand its main euro-area creditor states leaked out along with a report that Greece mightleave the euro. That claim was strenuouslydenied. But policymakers seem unable to agree on much else. squabbling争吵, 口角strenuously奋发地; 勤; 费力地 最——特——正5月6日希腊The original plan in May 2010 was conceived on the notion that Greece faced anacute but temporary funding problem. A liquidity issue could be addressed byusing official lending from the euro area and the IMF of 110 billion $157billion to replace funding from the markets, which were by then demanding punitiverates. The country would meanwhile take drastic steps to reduce its deficit.That would rebuild investor confidence and allow Greece to return to the bondmarkets, partially in 2012 and completely by mid-2013.2010年5月的原计划是基于这样的设想：希腊面临的是一场严重但短暂的资金问题。流动性问题可以通过来自欧元区和世界货币基金组织的1110亿英镑（1570亿美元）的官方借贷来解决，这样就无需进行市场融资（在当时要求以惩罚性利率计算）。同时希腊