When macro policy is not obviously the chief culprit, restoring confidence may be harder and more expensive.
Injecting new money in exchange for reforms may still be the primary answer, but the patience of taxpayers wears thin as amounts escalate and it is perceived that some classes of creditors are being bailed out with official international resources -- creditors who should have calculated the risks more accurately and should bear the cost of not having done so, so they won’t do it again.