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。

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