We have also partnered with NeighborWorks America to support its efforts to help community leaders grappling with these issues; that effort has led to the creation of new tools, training, and the spread of information. But current efforts are not sufficient to deal with the scale and scope of the problem, and more needs to be done.
Investors outside Europe need not take into account moral hazard implications. They can and should buy such bonds because they have confidence in the long-term sustainability of the fiscal position of the countries in question, and because they are interested in portfolio diversification.