Germany keeps being told that it must pay up to save the euro. But how much can Germany pay? No one seems to have thought about that, but there is already concern about the possible size of the bill. German bond yields rose soon after news of the Spanish bailout, even before it was announced where the money was going to come from. (And it was a bailout for Spain, regardless of what Spain’s prime minister says. If I borrow money and then lend it to someone else, I’ve still borrowed it.)
一直以来不断有人要求德国必须出资纾困欧元区。但德国到底能担得起多大规模的纾困？似乎并没有人思考过这个问题。不过，市场已对纾困可能给德国带来的财政负担表示了担忧。德国国债收益率在纾困西班牙的消息传出后迅速走高，尽管有关方面当时还未宣布纾困资金将由谁提供。（另外还需指出的是，不管西班牙首相怎么说，此次纾困都是针对西班牙这个国家的纾困。你借款后转贷给别人，并不改变你借款的事实。）
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