Paul Lachine

用欧元债券平息恐慌

圣地亚哥——欧元债券的诞生很可能已经不远了。这个用来解决欧洲金融危机的办法曾经被嗤之以鼻,现在摇身一变,成了挽救欧元唯一可靠的方法。欧洲央行的国债买入计划并未使希腊、爱尔兰和葡萄牙免于救援。西班牙和意大利也一样。

但西班牙和意大利太大了,没人救得了。新的欧洲金融稳定基金(EFSF)无法胜任这一职责。而且将EFSF扩大到足够规模将大大增加法国的贷款,这将不利于法国,将其置于投机冲击的风险之下。

此时就需要欧洲债券出马了。五个受困国家需要发行数百亿欧元新债务,并对更大数额的就债务实行展期。市场上在很久以前就已难觅希腊、爱尔兰和葡萄牙发行的债务的买家了,很快,意大利和西班牙债也将无人问津(或者要求极高的利率)。但市场对于由整个欧元区的信誉作支撑的债券是不会失去兴趣的。

To continue reading, please log in or enter your email address.

To access our archive, please log in or register now and read two articles from our archive every month for free. For unlimited access to our archive, as well as to the unrivaled analysis of PS On Point, subscribe now.

required

By proceeding, you agree to our Terms of Service and Privacy Policy, which describes the personal data we collect and how we use it.

Log in

http://prosyn.org/E6F78MO/zh;

Cookies and Privacy

We use cookies to improve your experience on our website. To find out more, read our updated cookie policy and privacy policy.