The authorities, seeing no solution, kicked the can down the road – an approach that usually works, because problems become easier to solve when markets calm down. But, in this case, the crisis kept growing bigger, and the authorities ran out of road when Germany’s Constitutional Court&nbsp;ruled out additional guarantees beyond the European Financial Stability Facility (EFSF) without the consent of the Bundestag.
事实上，欧元区成员国没有权利印刷本国钞票，这相当于把它们打到了与必须借入外币债务的欠发达国家相同的地位，风险溢价也因此加剧。当局似乎对此束手无策，只能拖一天是一天——这一方法通常会管用，因为随着市场的冷静，问题会变得容易解决。但这一回，危机持续发酵，而当德国宪法法院判决除非获得德国议会同意，否则不能为欧洲金融稳定基金（EFSF）提供更多担保时，当局终于走投无路了。