If these countries made a mistake, it was only that, like Germany today, they were overly credulous of markets, so they (like the United States and so many others) allowed an asset bubble to grow unchecked. If sound policies are implemented and better institutions established –&nbsp;which does not mean only more austerity and better supervision of banks, budgets, and deficits –&nbsp;and growth is restored, these countries will be able to meet their debt obligations, and there will be no need to call upon the guarantees.
如果说这些国家犯了一个错误的话，只是如同今天的德国一样——太轻信市场了。因此他们才像美国及其他国家一样允许资产泡沫恣意生长。如果实施了健全的政策，建立了更好的制度，当然这些政策和制度不是指更多的紧缩措施和银行、预算及赤字更强有力的监管，同时经济恢复增长，这些国家就能够偿还其债务，也就没有必要号召担保了。此外，无论哪种情况德国都会陷入泥潭中：如果欧元或者外围的经济体崩溃，德国付出的代价都会很高。