The eurozone has headed down many blind alleys in its search for a solution to the sovereign debt crisis. The latest cul-de-sac is the effort to include private investors in a second round of financing planned for Greece, while avoiding a credit event. If the bond market volatility of the past few days suggests anything, it is that contriving such a scenario is impossible. Policymakers should accept that, for Greece, it is too late for a voluntary bail-in of private investors.
歐元區在尋求解決主權債務危機方面，多次走進了死衚衕。試圖在讓民營部門投資者參與希臘第二輪融資計劃的同時避免發生信用事件，無疑是它最新走進的一條死衚衕。如果過去幾日債券市場的波動能夠說明一些問題的話，那就是它的這一努力是不可能成功的。政策制定者們應該接受一個事實：對希臘而言，讓民營部門投資者自願爲其紓困爲時已晚。
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