As Italy’s monthly current-account deficit approximates only €3-4 billion, the Target credit must have compensated primarily for capital flight. Italian investors sold their assets to the banking system, which paid with newly printed money.
意大利的月经常项目赤字大概只有30—40亿欧元，因此目标信用的主要用途定为弥补资本外逃无疑。意大利投资者将手中的资产卖给银行体系，银行体系用新印出来的钞票付账。接着，投资者在把钱投资于德国，买入股票、债券和其他资产。简言之，德国和意大利在用可交易资产交易目标债权。