OMTs also differ significantly from government bond purchases made by the EFSF or the ESM, which provide financial support to stressed countries. The EFSF and the ESM render – under strict conditions – financial assistance in order to preserve financial stability and they can improve the financing conditions of the affected countries.
Such a high leverage ratio could bring huge loss to debtors once the market risks arise. According to the Report, the return on self-owned capital is 21.17%, which does not match the risk borne by debtors when compared to the cost of financing.