Fourth, large-scale liquidity provision for solvent governments is necessary to avoid a spike in spreads and loss of market access that would turn illiquidity into insolvency. Even with policy changes, it takes time for governments to restore their credibility.
第四，向偿债能力无忧的政府提供大规模流动性是避免利差急剧扩大、无法从市场上融资以至于流动性缺失问题恶化为偿付能力问题的必要手段。即使政策有所转变，政府也需要时间来重塑信誉。到目前为止，市场将继续对主权利差施压，自我实现的危机的风险还没有消除。