In an ideal world, distressed countries would default as soon as private markets stopped funding them, and they would impose the losses on private bondholders. In the real world, however, if Italy and Spain are viewed as being solvent, or too big to fail, official funding should be structured so that it gives these countries their best chance to regain market confidence.
这可能有些不公平。为什么纳税人要在他们通过提供新融资拯救私人部门的同时接受损失？理想的情况是，受困国将在私人市场停止提供融资时立刻违约，损失将由私人债权人承担。但是，在现实世界中如果意大利和西班牙被认定破了产（或太大而不能倒），就必须组织官方融资，以便这些国家能尽可能地赢回市场信心。