百般无奈之下，传统危机基金开始调整食谱，转向高风险但偿还能力尚可的垃圾债券和高收益的债务。

Traditional distress funds have drifted reluctantly into risky, but still solvent, junk bonds and high-yield loans to keep business ticking along.

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由于希腊、葡萄牙和爱尔兰三国正在接受资金救助，它们的债券将不会转入偿还基金，因此人们将德国方案视作是对意大利的曲线救援。

Since Greece, Portugal and Ireland cannot transfer debt into the fund while they are being bailed out, the German plan can be interpreted as a roundabout rescue for Italy.

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意大利的公共债务占到了GDP的120%，随着国家债务到期日的日益接近，大约有1万亿欧元的意大利债券将转入偿还基金，并由共同担保债券取而代之。

With public debt at 120% of GDP, Italy would transfer almost 1 trillion Euro into the fund as existing national debt came due and was replaced by the issuance of joint bonds.

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