After a bank’s shareholders are wiped out and its creditors take an 8% “haircut,” the European Fund transforms itself into a bailout fund, justifying some of Germany’s fears. And there is no explicit prohibition of some form of national government bailout.
欧盟委员会的方案远远称不上完美。在银行股东血本无归、债权人遭遇8%的“剃头”后，欧洲基金本身将转变为援助基金，这在某种程度上证实了德国人的担忧。而且它也没有明文禁止某些形式的国家政府援助。