Parallel measures to ESM und EFSF such as the ex-ante unlimited purchase of sovereign bonds, the neutralization of interest
spreads, the higher risk of suffering a haircut on
debt, the possibility to hold sovereign bonds until they are
due, and the influence on market indices and stock prices, as well as the intended persuasion of participants to purchase government bonds on the primary market, lead the BVerfG to redeem OMTs as such bypasses.
And when the membership numbers fall, real estate board directors with budgets based on fixed - fee
dues tend to
spread the
debt among the survivors before they look for cost - cutting measures.