There has never been an official explanation of why lenders to a sovereign should not share the pain, despite the “no bailout” principle on which the eurozone was founded. Most observers cite the authorities’ concern that if any sovereign does not honor its debts, all sovereign borrowers will be penalized.
从来没有任何官方解释说明为何主权债务债权人不应该分担痛苦，尽管“无救援”正是欧元区建立原则之一。大部分观察者认为这是因为当局担心一个主权债务人违约将导致所有主权债务人被惩罚。但这一传染风险与让小储户承受损失所可能引起的燎原大火比起来根本不值一提。