But it is important, as has been underlined frequently, also by ECB President Mario Draghi, that strategies to restore confidence and to ensure refinancing are consistent, oriented toward the long term and based on a reliable political support by the country concerned.
As to politics: Financial assistance packages that include guarantees and the provision of funding through the European rescue facilities impose a financial burden or at least a financial risk on the citizens of the guarantee-providing or creditor countries. Obviously, it is not always easy to find a majority of voters (taxpayers) willing to shoulder the financial liabilities of another country.