Обратно к пропасти для Еврозоны?

СТАМБУЛ. Когда президент Европейского центрального банка Марио Драги в конце июля объявил, что ЕЦБ будет «делать все возможное», чтобы предотвратить так называемый «риск ре-деноминации» (угроза того, что некоторые страны могут быть вынуждены отказаться от евро и вернуться к своим собственным валютам), доходность испанских и итальянских государственных облигаций мгновенно упала. Затем, в начале сентября, совет ЕЦБ одобрил обещание Драги, продолжая успокаивать рынки.

Казалось, волна кризиса начала спадать, особенно после того, как конституционный суд Германии одобрил Европейский механизм стабильности (ЕМС) фонда спасения Европы. И несмотря на введение ЕЦБ условий для бенефициаров «потенциально неограниченного» выкупа их облигаций, финансовые рынки Европы и США ответили на это временным ростом индексов.

Однако, судя по всему, такая эйфория была недолгой. Доходность по испанским и итальянским государственным облигациям снова поднялась, и настроение инвесторов в активы снова испортилось. Итак, что же пошло не так?

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