But, instead of reversing the disorderly deleveraging and encouraging new private investments, this official financing has merely shifted liabilities from the private sector to the public sector. Moreover, many emerging-market countries have noted that the policy conditionality attached to the tens of billions of dollars that have been shipped to Europe pales in comparison with what was imposed on them in the 1990’s and early 2000’s.
多边机构（特别是IMF）的反应是为欧洲注入无限量的资金。但是，这批官方融资并没有扭转无序去杠杆化状况并鼓励新的私人投资，只是将债务从私人部门移到了公共部门。此外，许多新兴市场国家已经注意到，和20世纪90年代及21世纪初它们所得到的资金相比，如今注入欧洲的数千亿美元所附带的条件可要宽松多了。