Thus, in addition to an orderly resolution regime for banks, Europe must also implement early orderly restructurings of distressed sovereigns’ public debt. Waiting until 2013 to implement these restructurings, as German Chancellor Angela Merkel proposes, will destroy confidence, as it implies a much larger haircut on residual private claims on sovereign borrowers.
同样地，超政府机构不应继续救助那些资不抵债而不仅仅是周转不灵的政府了。因此，在银行的有序解决机制之外，欧洲也应该尽早出台公债有序重组方案。像德国总理默克尔提出的那样，等到2013年才来实施重组，会摧毁市场信心，因为那时候公债持有人不得不割掉更大的一块“肉”。