As long as investors believe that Italy and Spain will eventually be rescued by the OMT, these countries’ borrowing costs will be low, and the rescue will not be needed. If, however, the slightest doubt about the OMT’s effectiveness arises, the expectation game will shift into reverse, and both countries’ bonds will quickly come under attack.
但这样就认为欧元问题已被解决是愚蠢的。经济基本面远远称不上稳定，尽管预期游戏产生了财政压力纾解的幸运效果。只要投资者认为意大利和西班牙最终能够被OMT所救，这些国家的借贷成本就将保持低位，救援也就没有必要实施。不过，如果人们对OMT的作用产生哪怕是最轻微的质疑，预期游戏就将向相反的地方发展，两国债券将马上受到攻击。