Who will pay? The European Financial Stability Facility could be the source of capital for a euro-TARP and the ECB sovereign-debt backstop. The bailout fund may soon have 440 billion euros ($600 billion), assuming government approvals of a July replenishment plan take place by mid-October. Those funds could be leveraged with the help of the ECB to build a 2 or 3 trillion euro facility. But there’s no getting around the fact that Europe’s taxpayers will be on the hook.