As holders of euro-denominated assets recognized this situation, they turned to the ECB for insurance (which the ECB could not deliver under its previous president, Jean-Claude Trichet, whose leadership was defined by his commitment to maintaining price stability). Investors’ subsequent efforts to price in the risk of a eurozone breakup – not the volume of sovereign debt – caused bond yields to spike.
欧元计价资产持有者意识到了这一状况，他们转而要求欧洲央行做出担保（在前任央行特里谢治下，欧洲央行无法做出担保，因为特里谢的领导权来自他对维持价格稳定的承诺。）投资者随后开始考虑欧元区崩溃——而不是主权债务量——的风险，这导致债券收益率飙升。