Some eurozone countries borrowed excessively and have been punished by the markets, perhaps deservedly so, while others, in the resulting climate of anxiety, have become targets for speculators. On July 21, eurozone leaders agreed to make “more extensive” use of the new European Financial Stability Facility (EFSF) by permitting it to purchase endangered eurozone countries’ debt in secondary markets.
但当前的债务危机却令从前的老问题死灰复燃，而债券则扮演了当年汇率机制中货币的角色。某些欧元区国家过度借债并受到了市场的惩罚，这或许是罪有应得，但其他国家却在忧虑气氛中受到了牵连，进而沦为投机者的目标。在7月21日，欧元区国家领导人同意“进一步扩大”新欧洲金融稳定基金的适用范围，允许其在二级市场购入受灾欧元区国家的债券。