投资者可能会合理的假设：买欧洲债务的CDS已经不是一个有效的保护形式，让他们都去买欧洲债券，已经是不太可能。

Investors may reasonably presume that buying a CDS on European debt is an ineffective form of protection. That will make them less likely to buy European government bonds altogether.

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后者并不代表着提前放弃财政刺激，而是旨在制定一个在经济进一步复苏后能够有效的控制债务的计划。

The latter does not mean abandoning fiscal stimulus prematurely, but laying out a credible plan for how debt will be brought under control once the recovery strengthens.

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不过问题在于：对德国来说，即便是部分承认这样一笔债务的有效性，那么与之类似的大量未声明主张也会在一夜之间，如雨后春笋般冒出来。

The problem is this: even partial recognition of such a debt would create a precedent that could bring untold claims in its wake.

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