Governments should not only avoid protecting bondholders after the fact, when the details of a bailout are worked out; but should also make their commitment to this approach clear in advance. Some of the benefits of a government policy that induces bondholders to insist on stricter terms when financial firms take larger risks would not be fully realized if bondholders believed that the government might protect their interests in the event of a bailout.
在政府救助计划细节定好之后，政府不仅应当避免对债券持有人提供保护，还应当把丑话清楚地说在前面。如果债券持有人认为政府在救助企业的时候也可能会保护自己的利益的话，那么当金融机构进行更大风险操作时，促使债券持有人同金融机构签订更加严格合同条款的政府政策将无法发挥所有的效用。