In the age-old battle between creditors and debtors, weak sovereign borrowers and overstretched banks more often than not triumph over financially strong creditors. Look no further than the unfolding eurozone saga for confirmation of this rule. Indeed the latest European Central Bank initiative to buy distressed eurozone sovereign debt through so-called outright monetary transactions perfectly illustrates how the illusion of creditor power is progressively being stripped away.
在债权人与债务人之间由来已久的战争中，弱小主权借款国和扩张过度的银行往往会战胜金融实力强大的债权人。只需看看正在上演的欧元区危机，我们就能证实这一规律。的确，欧洲央行(ECB)通过所谓的直接货币交易(OMT)购买欧元区不良主权债券的最新计划就很好地表明，有关债权人权力的幻觉正逐渐破灭。
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