Not all banks voluntarily loaded up on distressed government bonds – some were pressured by supervisors, others by governments – but many have made unwise bets. If they are seen as profiting unduly from the rescue, even as they return to their bad old ways of paying for non-performance, they will undermine political support for the rescue – and perhaps even for capitalism.
但要让市场相信解决办法在政治上可行，还需要另一大要素。欧洲各国公民，不管是救援国还是被救援国，将在多年内为清理并非由他们引起的乱象买单。并非所有的银行都是自愿买入受困国政府债券的——一些是迫于监管者压力，一些是迫于政府要求——但确实有很多银行做出了不明智的投资决策。如果它们被认为从救援行动中不正当地得利了，那么就算它们回到为不良贷款买单的错误老路上去，也会破坏对救援行动——乃至资本主义——政治支持。