The ECB will service (as opposed to purchase) a portion of every maturing government bond corresponding to the percentage of the member state’s public debt that is allowed by the Maastricht rules. Thus, in the case of member states with debt-to-GDP ratios of, say, 120% and 90%, the ECB would service, respectively, 50% and 66.7% of every maturing government bond.
简单说，欧洲央行可以在明天早上宣布，从今以后它将推出一个债务转换计划，任何成员国都可以参加。欧洲央行将为所有到期政府债券的一定比例（与马约规则所允许的成员国公共债务百分比一致）偿付利息（而不是购买）。因此，对于（比如）债务-GDP比率为120%和90%的成员国，欧洲央行将分别为50%和66.7%的所有到期政府债务付息。