Some were pushed there by the high cost of containing the damage from banks’ irresponsible behavior. Facing immediate credit rationing and large output contractions, they could be stabilized only by exceptional official financing from abroad, and, in some extreme cases, by defaulting on past commitments (including to bondholders and, most recently, bank depositors).
第二个碰壁的是那些高度负债的政府。有些是被银行不负责任行为所造成的伤害所累——因为政府要用高成本来处理这些损失。面对当即生效的信贷额度限制和大幅度的产出紧缩，它们只能利用国外特殊的官方融资来稳定局面，而在某些极端的例子里，得通过对过去的承诺进行违约来应付（包括对债券持有人，而最近还包括银行储户）。