????當然，沒人認為德國會很快就會破產。即便失去AAA信用評級，面臨種種經濟挑戰的德國仍被視為信譽卓著的國家。但前提是歐元繼續存在。根據瑞銀（UBS）去年的估算，如果歐元區瓦解，第一年就會給德國造成約5.14-6.42億歐元的損失，約占其GDP的 20-25%。此后，隨著德國經濟萎縮以適應其堅挺的貨幣，德國每年還將損失約3,000-3,500億歐元。

????穆迪發出的警告就是這樣。警告會不會最終導致信用評級下調，甚至連降多級，就要看德國人的表現了。維護歐元區的完整性是德國的首要任務，但也需要分散未來救助行動的金融風險。團結起來，歐洲就可以著手解決財政問題，并同其債權人談判達成公平的和解。但德國確實需要向鄰國施壓來達成一致。如果它能夠利用自己手頭掌握的全部政治和經濟資本做到這一點，穆迪的警告也就達到目的了。

????譯者：早稻米

????To be sure, no one is saying that Germany is going to go bankrupt anytime soon. Even if it loses its triple-A credit rating, it will still be seen as more than creditworthy, notwithstanding all of the current economic headwinds. That is, of course, if the euro stays together. If it breaks, UBS estimated last year that it would cost Germany around 20% to 25% of its GDP or around 514 billion to 642 billion euros in the first year off the euro. It would then cost the country around 300 to 350 billion euros every per year going forward as its economy shrinks to match its strong currency.

????The warning from Moody's (MCO) is just that – a warning. It is now up to Germany to make sure that this warning doesn't result in a downgrade, or a more dangerous multi-notch downgrade. Keeping the euro together should be Germany's number one priority but it needs to spread out the financial risk of any future bailout. United, Europe can set about to address its fiscal troubles while negotiating fair settlements with debt holders. But Germany needs to really put pressure on its neighbors to fall in line. If it successfully uses all its political and economic capital to get this done, then this warning would have done its job.