The eurozone has headed down many blind alleys in its search for a solution to the sovereign debt crisis. The latest cul-de-sac is the effort to include private investors in a second round of financing planned for Greece, while avoiding a credit event. If the bond market volatility of the past few days suggests anything, it is that contriving such a scenario is impossible. Policymakers should accept that, for Greece, it is too late for a voluntary bail-in of private investors.
欧元区在寻求解决主权债务危机方面，多次走进了死胡同。试图在让私营部门投资者参与希腊第二轮融资计划的同时避免发生信用事件，无疑是它最新走进的一条死胡同。如果过去几日债券市场的波动能够说明一些问题的话，那就是它的这一努力是不可能成功的。政策制定者们应该接受一个事实：对希腊而言，让私营部门投资者自愿为其纾困为时已晚。
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