复苏的证券市场允许债务担保的平稳撤出(就像在瑞典发生的那样)。

And a revival in funding markets allows for a smooth exit from debt guarantees (as happened in Sweden).

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如果说证券市场在其哨兵角色上犯了错，把希腊主权债务当成了德国的，那欧洲央行在取得抵押品以借贷给银行时也犯了这个错误。

And if bond markets failed in their vigilante role by treating Greek sovereign debt as if it were German, the ECB did just the same when it came to the collateral it accepted for lending to Banks.

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对发行者来说，有资产抵押证券的成本要比筹集无担保债务低的多，同时它的发行不依赖于证券市场的复苏。

For issuers, the costs of funding are lower than raising unsecured debt, and issuance does not depend on the revival of the securitisation markets.

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