Можно ли доверять Марио Драги?

ЛОНДОН. Марио Драги, председатель Европейского центрального банка, повторно заявил, что ЕЦБ предпримет все необходимые меры для сохранения евро. Пока официально ничего не согласовано, но ожидается, что после заседания Совета управляющих ЕЦБ, которое состоится на следующей неделе, ЕЦБ представит новую программу выкупа государственных облигаций. Поможет ли это?

Чтобы оказать значительное влияние на затраты по кредитам и займам Италии и Испании, самая последняя попытка должна быть достаточно большой для того, чтобы рассеять риск неконвертируемости валюты, который обусловливает резкую поляризацию доходности государственных ценных бумаг в еврозоне: инвесторы испытывают отвращение от сдерживания испанского и итальянского долга, т.к. они боятся, что обе страны могут быть вынуждены покинуть валютный союз. К сожалению, маловероятно, что ЕЦБ удастся сделать достаточно для убеждения инвесторов, что членство – это безоговорочно навсегда, в частности потому, что Бундесбанк Германии выступает против неограниченных верхним пределом обязательств в отношении затрат по кредитам и займам.

Испания, Италия, а также страны, находящиеся на периферии еврозоны, сталкиваются с беспрецедентно высокими фактическими затратами по кредитам и займам, которые препятствуют восстановлению инвестирования, а следовательно экономическому росту. Без восстановления экономического роста им не удастся успокоить сомнения инвесторов относительно их финансовой устойчивости и платежеспособности их банков.

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