The bailout also rescued the ECB, insofar as the fiscal credit replaced some of the Bank’s Target credit that had built up from the beginning of 2008. At that time, the Greek economy confronted a sudden stop of private capital inflows, and the Greek central bank financed the country’s entire current-account deficit with additional refinancing credit from its local electronic printing press.
援助还拯救了欧洲央行，因为财政信用取代了其部分从2008年初开始积累的Target信用。当时，希腊经济面临私人资本流入突然告竭，希腊央行用来自本国电子印钞机的新增再融资信用为希腊全部经常项目赤字提供了融资。