The studies the redistribution impacts of the introduction of Eurobonds to the member countries. It uses a simplified approach by assuming that the total sovereign debt is collateralized to Eurobonds. Other models have been suggested, but it is not the aim to develop a complex and more realistic transfer mechanism. Its aim is to obtain a better understanding about the specific properties of the redistribution process between the different member countries of the Eurozone and if the collateralization which removes permanently the possibility of different interest rates for different countries will be beneficial at least for the whole Eurozone under realistic different interest rates for the EFSF-type Eurobonds. Starting with a simple weighted average calculated from actual ten year government bonds it can be shown that at least there is a significant benefit for the whole community, but there are significant transfer payments between those with lower than average and those with above this average interest rates takes place. This already poses a public choice problem, of those who pay and those who receive such payment[...]