The reporter stated: "A deal that results in both sides recognizing their regimes as equivalent would avoid that scenario."

You and I agree (somewhat) that this statement is preposterous.

I snidely disagreed with it -- on its face, in principle and in practice: The supposition "same currency, same 27 nation-states ["regimes"], same rates, same liabilities and income" is patently false.

You agreed with with my response before you disagreed with my response: "That's an atrocious article from Bloomberg"; "This is not as bizarre as it seems at first blush." An elaborate discursion into capital classes, capital stipulations, capital requirements, and regulatory enforcement* prerogatives presumed to balance an equation of comparable risk-free debentures ensues.

The fact remains: Neither government bureaucracies nor central bank governors operate non-profit enterprises, sadly, desperately. P > R-C

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* without the bother of σ: primary and secondary price "signal" variance, rating agencies' "signal" variance, taxation authority and income variance, FX reserve S/D variance, and one of my personal favorites, "eligible" collateral (surety) variance.

Diversity is the key to economic and political evolution.