But there is an important caveat, which has largely been ignored in public discussions: if this funding is senior to private debt (as IMF funding typically is), it will be harder for these countries to regain access to markets. After all, the more a country borrows in the short term from official sources, the further back in line it pushes private creditors.
其次，在未来一两年中，某些机构——IMF或欧洲金融稳定基金（由欧洲各国直接提供资金或由欧洲央行提供资金的实体）——必须时刻准备着为意大利、西班牙和其他具有潜在风险的国家提供贷款融资。但这里有一个在公众讨论中往往被忽视的重要警告：如果该融资比私人债务级别高（IMF融资通常如此），那么这些国家重回资本市场将难上加难。毕竟，一国从官方渠道借入的短期融资越多，私人债权的比重就越低。这使得私人贷款人会怀疑如果该国最终违约，则其损失会更大，从而在一开始就对贷款犹豫不决。