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，我花了大部分時間，試圖弄明白歐元區4400億歐元（合5870億美元）的紓困基金是如何運作的。此次功課讓我想起了對信貸市場的研究，研究對象是那些提升信用的承諾及其他有違邏輯的概念。在很多方面，歐洲金融穩定安排(European Financial Stability Facility, EFSF)就像是一種巨大的債務抵押債券(Collateralised Debt Obligations, CDO)，用上了很多現代金融工具。
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