欧元区再临悬崖?

伊斯坦布尔—当欧洲央行行长德拉吉在7月底宣布欧洲央行将“尽一切努力”防止所谓的“重新计价风险”(即一些国家可能被迫放弃欧元、重新使用本国货币的风险)时,西班牙和意大利主权债务收益率马上出现了下跌。接着,在9月初,欧洲央行委员会主席的发言又支持了德拉吉的誓言,进一步稳定了市场情绪。

危机潮流似乎已经开始逆转,特别是在德国宪法法院支持欧洲援助基金——欧洲稳定性机制(ESM)之后。尽管欧洲央行的强调,享受其“实质无限量”债券买入计划好处是有条件的,但整个欧洲和美国的金融市场都出现了大反弹。

但是,兴奋期很快就过去了。西班牙和意大利政府债券收益率已经开始回升,股票投资者的情绪也在消沉。那么,哪里出了问题?

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