其次，银行对任何欠贷采取第一损失原则，确保借方守信用。

the banks take a first loss on any unpaid loans to keep them honest.

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第一，净损失直接侵蚀银行的资本。

First, net losses eat directly into capital.

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其中普遍讨论的一种选择是，由欧洲金融稳定基金来保证那些国家及不乐意发行的任何国债的第一次20%的损失。

One widely discussed option is for the EFSF to guarantee the first 20% loss on any new bonds issued by countries under pressure.

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