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纽约—金融市场讨厌不确定性；这就是当前市场进入危机模式的原因。欧元区各国政府已经朝着解决欧元危机的方向迈出了重大一步，但是，很显然，这还不足以让市场放心。
在7月21日的会议上，欧洲各国当局制定了一套权宜之计。它们设置了一个原则：新的财政机构欧洲金融稳定基金（EFSF）应该担起避免国家破产的责任；但它们没能扩大EFSF的规模。这意味着它们并没有建立起一个可靠的欧元区财政当局。此外，新机制至少要到9月份才能生效。在此期间，欧洲央行所提供的流动性是避免某些欧洲国家债券价格崩盘的唯一救命稻草。
类似地，欧元区领导人将EFSF的职责扩展到处理银行的破产问题，但却没有将银行监管权从国家机构转移到欧洲机构手里。他们为希腊提供了扩展的救助计划，但并未使人们确信该计划定能成功：他们安排债权人参与到希腊救助计划中，但这一安排的最大受益人并不是希腊，而是银行。
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