With popular resistance to paying for profligate southern Europeans rising in Germany and Holland, governments there might be forced to ask their people whether they want to pay the huge costs implied by their commitments to bail out eurozone members that are unwilling or unable to pay. That is why the bonds issued by the eurozone’s rescue fund, the European Financial Stability Facility, are trading at a substantial premium relative to German debt, while efforts by Klaus Regling, the EFSF’s head, to convince China, Japan, and other Asians to buy the bonds have gotten nowhere.
由于德国和荷兰民众拒绝替不知节制的南欧国家偿还债务，两国政府可能不得不问问它们的人民，愿不愿意支付它们援助不愿或不能偿付的欧元区成员国的承诺所隐含的巨大成本。这就是为何欧元区救助计划欧洲金融稳定基金（EFSF）所发行的债券对德国国债存在高溢价的原因，也是为何EFSF首脑雷格林（Klaus Regling）使出浑身解数也无法说服中国、日本和其他亚洲国家购买EFSF债券的原因。