????市場(chǎng)本來(lái)期待上周三歐洲能給出一個(gè)方案,，解決曠日持久的歐洲主權(quán)債務(wù)危機(jī)。但歐洲人非但沒(méi)能做到這一點(diǎn),，反倒給市場(chǎng)注入了更多的不確定性,。結(jié)果將是市場(chǎng)繼續(xù)震蕩，可能給世界經(jīng)濟(jì)帶來(lái)長(zhǎng)期的沖擊,。

????歐元區(qū)當(dāng)前這些問(wèn)題的解決之道并非什么秘密——如何讓歐洲人參與進(jìn)來(lái)正是問(wèn)題所在?，F(xiàn)在的關(guān)鍵是要重振對(duì)歐洲債市的信心，防止危機(jī)從歐元區(qū)的邊緣小國(guó)擴(kuò)散至歐元區(qū)核心經(jīng)濟(jì)體,。歐洲人都知道,，要重振信心，,，他們的救助基金——?dú)W洲金融穩(wěn)定安排(European Financial Stability Facility, 簡(jiǎn)稱EFSF)的規(guī)模和范圍必須大幅擴(kuò)大,。

????EFSF擴(kuò)容事宜今夏獲準(zhǔn)，經(jīng)過(guò)歐元區(qū)所有17個(gè)成員國(guó)國(guó)會(huì)的艱難投票表決后本月終于生效,。問(wèn)題在于以4,400億歐元的規(guī)模,，擴(kuò)容后的基金還是沒(méi)有足夠的火力來(lái)安撫市場(chǎng)、重振投資者信心,。4,400億歐元是應(yīng)對(duì)希臘,、葡萄牙和愛(ài)爾蘭潛在違約風(fēng)險(xiǎn)的“大火箭筒”。但如今危機(jī)已擴(kuò)散至經(jīng)濟(jì)規(guī)模大得多的西班牙和意大利,，因此需要一個(gè)更大的火箭筒,。

????如何實(shí)現(xiàn)EFSF再次擴(kuò)容是最讓歐洲領(lǐng)導(dǎo)人頭疼的事情。歐元區(qū)所有17個(gè)成員國(guó)剛剛投票通過(guò)首次擴(kuò)容事宜,，要讓所有成員國(guó)再次同意向救助基金注入更多資金幾乎是不可能完成的任務(wù),。讓它們同意一個(gè)約2萬(wàn)億歐元的救助基金,，無(wú)異于要說(shuō)服法國(guó)總統(tǒng)在國(guó)宴上使用卡夫（Kraft）單獨(dú)包裝的片狀奶酪產(chǎn)品一樣——許多人認(rèn)為考慮到意大利和西班牙的違約可能，救助基金規(guī)模需達(dá)到約2萬(wàn)億歐元,。

權(quán)宜之計(jì)：借力民間

????因此,，歐洲人決定通過(guò)借力民間、提升救助基金的效力,，而不是繼續(xù)增加基金本金,。那么，如何借力就成為了這場(chǎng)曠日持久,、紛紛擾擾的討論中的最新議題。上周三針對(duì)這個(gè)問(wèn)題公布了一份非常粗糙的草案公報(bào),。公報(bào)列出了兩種選擇,，他們相信通過(guò)這兩種方式，無(wú)需成員國(guó)出資,，就可以提高救助基金的影響力,。

????也許歐洲人不愿意承認(rèn)，但他們提出的這兩項(xiàng)舉債策略看起來(lái)很像2008,、2009年美國(guó)次貸危機(jī)最嚴(yán)重時(shí)美國(guó)制定的兩項(xiàng)計(jì)劃,，即定期資產(chǎn)抵押證券貸款工具（Term Asset-Backed Securities Loan Facility, 簡(jiǎn)稱TALF）和公私合作投資計(jì)劃（Public-Private Investment Program, 簡(jiǎn)稱PPIP）。還記得嗎,？

????The big solution to Europe's long-running sovereign debt crisis was supposed to be unveiled today. But instead of a solution, the Europeans have managed to give the markets another dose of uncertainty. The result will be continued market volatility that threatens to bring about long-lasting damage to the world economy.

????The solution to the euro zone's current problems is no secret – it's getting the Europeans onboard that's been the problem. The key now is to restore confidence in their debt market to prevent contagion spreading from the small peripheral countries to the core euro zone economies. To restore that confidence, they know that their bailout fund, the European Financial Stability Facility (EFSF), needs to be much bigger in size and scope.

????The expansion of the EFSF was approved in the summer and finally came into force this month following agonizing votes in all 17 euro zone member parliaments. Trouble is, at 440 billion euros, the newly expanded fund still doesn't have enough firepower to quell the markets and restore investor confidence. That figure was the "big bazooka" number in dealing with potential defaults in Greece, Portugal and Ireland. But the crisis has since spread to Spain and Italy, which have much larger economies, and therefore requires a much larger bazooka.

????How to expand the EFSF again is at the heart of the troubles vexing European leaders. Getting all 17 members to agree again to put more capital into the fund after they just voted on an expansion is seen as a near impossibility. Getting them to agree to a bailout fund of around 2 trillion euros, which many believe is the new magic number after factoring in possible defaults in Italy and Spain, would be like convincing the president of France to serve Kraft singles for a cheese course at a state dinner.

A Band-Aid fix: Leverage

????So instead of augmenting the principle of the bailout fund, the Europeans have decided to artificially inflate the number by levering it up. How they propose to do this is the newest controversy in this long-running drama. A very rough draft communiqué on the issue made the rounds yesterday. It laid out two options that they believe could expand the firepower of the bailout fund without committing any more money from member states.

????The Europeans would probably never admit it, but the two proposed leveraging tactics look very similar to two programs instituted in the U.S. at the height of the mortgage meltdown in 2008 and 2009– the Term Asset-Backed Securities Loan Facility, known as TALF, and the Public-Private Investment Program, known as PPIP. Remember those?