I spent the best part of last week trying to figure out the mechanics of the eurozone’s €440bn ($587bn) bail-out fund. The exercise reminded me of my research into the credit market, with its promises of credit enhancement and other logic-defying concepts. The European Financial Stability Facility is in many respects like a gigantic collateralised debt obligation and uses much of the machinery of modern finance.
上周，我花了大部分时间，试图弄明白欧元区4400亿欧元（合5870亿美元）的纾困基金是如何运作的。此次功课让我想起了对信贷市场的研究，研究对象是那些提升信用的承诺及其他有违逻辑的概念。在很多方面，欧洲金融稳定安排(European Financial Stability Facility, EFSF)就像是一种巨大的债务抵押债券(Collateralised Debt Obligations, CDO)，用上了很多现代金融工具。
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