The first pillar of that model is simultaneous involvement of all parties – the sovereign, bondholders and their governments, the European Central Bank, and international organizations – in designing the scheme from the start. The second ingredient is proper incentives to participate, including direct financing from bondholders’ governments, using the resources that today finance the transfer of Greek debt from private to official hands.
该模式的第一大支柱就是在开始设计拯救方案时就要同时包含所有团体——主权债务发行国，债务持有者及其所在国政府，欧洲央行，还有国际组织。第二个因素就是恰当的参与倡议，动用包括债务持有人所在国政府的直接资助在内的资源，将希腊债务从私人转入官方手中。第三个组成部分则是说服债券持有人去实现最大限度的参与，获取有约束力的事前承诺，并消灭那些占便宜的人。