Managing modern debt crises always involves the extraordinary logic of throwing good money after bad in the hope of masking the underlying unsustainability. The same logic has been applied in the euro crisis, with official money taking the place of private-sector exposure.
但它并没有这么做。20世纪80年代，各国银行继续出钱，好让自己从危机中脱身。管理现代债务危机总是绕不开一种超越常轨的逻辑——在出现“坏”账之后继续往里砸“好”钱，希望借此掩盖债务难以为继的事实。在欧元危机中，同样的逻辑也在起作用，公共部门的现金接手了私人部门的坏账。