The answer was, they didn’t need to believe anything of the sort because arguably. [causal]
But why did these bond buyers believe that this new and untested institution, the ECB, would in fact guard the value of their bonds, that national governments didn’t matter any more, and that Greece was now Germany? The answer was, they didn’t need to believe anything of the sort because arguably what they were doing was the mother of all moral hazard trades.
Mark Blyth, Austerity, loc. 222