For core countries, eurobonds would certainly be a cheaper option than underwriting loans to struggling member-states, which essentially means throwing good money after bad. They will book large losses on EFSF loans, and those losses will be even larger if, as seems possible, some of the borrowers end up leaving the eurozone and defaulting on their debt.
对核心国家来说，欧元债肯定会比为受困成员国销债成本更低，后者实际上是拿优质资金往劣等资金池中扔，将给EFSF贷款造成重大损失，而如果借款人最终脱离欧元区并违约的话（这很有可能），损失还会进一步加大。