Some assumed an implicit debt guarantee, but that was always implausible, given that the Treaty on the Functioning of the European Union explicitly ruled it out. Rather, investors’ undivided confidence in all eurozone borrowers reflected something else – a general belief in the capacity of rich countries’ governments.
在2008年下半年之前，欧洲似乎一直身处财政天堂：市场无差别地对待欧元区政府债务。一些人认为存在隐含的债务担保，但这一判断是站不住脚的，因为《欧盟运作条约》（Treaty on the Functioning of the European Union）明确地否定了这一点。但是，投资者对所有欧元区借款人无差别地充满信心反映的是另外的东西——对富国政府的一致信任。