Instead, European funding will be used only to bail out governments, which in turn need the money to bail out their banks. But, given the 20:1 liability-capital ratio in the banking sector, this approach implies that the funding requirements will become astronomical: compared to a €450 billion bill if potential losses remain undisclosed and dispersed, €9 trillion in debt guarantees would be needed to ensure the stability of the eurozone’s banking system.
Autrement dit, un test rigoureux de la résistance des banques de la zone euro suivi par une recapitalisation obligatoire pour celles qui sont trop fragiles nécessiterait beaucoup moins d'argent public que de continuer à les garantir toutes.