Governments cannot afford to recapitalize the banks now; it would leave them with insufficient funds to deal with the sovereign-debt problem. It will cost much less to recapitalize the banks after the crisis has abated and both government bonds and bank shares have returned to more normal levels.
我来详细地解释一下究竟怎样做才能为欧洲在密集雷区中辟出一条蹊径。银行体系首先需要的是担保，然后才是资本重组。政府无法承担现在就进行资本重组的成本，提供不了足够的资金应对主权债务问题。待到危机过去、政府债券和银行股价格回复常规水平之后再对银行进行资本重组成本要小得多。