The EFSF, created to assist countries facing “illiquidity,” is designed exactly like a CDO. The EFSF buys the bonds of the countries which find it difficult to finance themselves in the marketplace (for example, Ireland) and issues bonds that are AAA rated.
欧洲所走的道路大同小异。 旨在帮助面临流动性问题国家的欧洲金融市场稳定基金，它所发挥的作用与债务抵押债券组织完全相似。 欧洲金融市场稳定基金购买难以在市场实现融资国家（如爱尔兰）的债券，重新打包成AAA级的债券发行出去。 为什么能变这样的魔术？ 它所依靠的仍然是超额抵押，对可能结果联合分布的假设，以及三大评级机构无可避免的审批。