The alternative – the liability model – requires that each state take responsibility for its own debts, with its creditors bearing the costs of a default. Faced with that risk, creditors demand higher interest rates from the outset or refuse to grant additional credit, thereby imposing a measure of discipline on debtors.
替代方案&mdash;&mdash;责任模式&mdash;&mdash;要求各国为其自身债务负责，由其债权人承担违约成本。面临这一风险的债权人将从一开始就要求更高的利率或者拒绝提供追加信用，以此作为约束债务人的纪律手段。