In Spain, for example, local savings banks (cajas) financed an outsize real-estate boom. As the boom turned to bust, the losses threatened to overwhelm the capacity of the Spanish state, and the problem became European, because it threatened the very survival of the euro.
比如，在西班牙，地方储蓄银行是超级地产繁荣的融资提供者。随着繁荣变为萧条，由此产生的损失已快要超过了西班牙整个国家的能力，这一问题变成了欧洲问题，因为事关欧元存亡。