Doubts about whether governments would be able to service their debts caused borrowing costs to soar and bond prices to plummet. But, critically, these debt crises undermined confidence in Europe’s banks, which held many of the bonds in question.
恶性循环之一是公债-银行-公债。对政府是否有能力偿还债务的担忧导致借贷成本飙升、债券价格暴跌。但是，最关键的是，债务危机破坏了人们对手握大量可以债券的欧洲银行的信心。无法借到钱，银行自然也无法发放贷款。经济随之疲软，因此财政整合前景也变得更加虚弱。这造成债券价格进一步下跌，给欧洲银行造成更多的伤害。