There was good news in this summit: Europe’s leaders have finally understood that the bootstrap operation by which Europe lends money to the banks to save the sovereigns, and to the sovereigns to save the banks, will not work. Likewise, they now recognize that bailout loans that give the new lender seniority over other creditors worsen the position of private investors, who will simply demand even higher interest rates.
这次峰会带来了好消息：欧洲各国的领导人终于意识到欧洲借钱给银行来拯救主权国家，借钱给主权国家来拯救银行的措施毫无成效。同样，他们现在也认识到紧急援助贷款使得新的贷款者的资历高于其它债权人，这恶化了个人投资者的处境，他们只会要求更高的利率。