Moreover, “innovation” in financial markets has made it possible for securities owners to be insured, meaning that they have a seat at the table, but no “skin in the game.” They do have interests: they want to collect on their insurance, and that means that the restructuring must be a “credit event” –&#160;tantamount to a default.
此外，金融市场的“创新”使得证券所有者可以获得保险，这意味着他们也入了局，不再是“事不关己”了。他们确实有利益在其中：他们想获得保险，这意味着重组必须是“信用事件”，也就是违约。欧洲央行坚持“自愿”重组——也就是说，避免了信用事件的发生——无异于站到了债权人的对立面。其中的讽刺之处在于，监管者坐视这一怪胎体系的产生。