Alchimia finanziaria in Europa

CHICAGO – È universalmente riconosciuto che alla base della crisi finanziaria del 2007-2008 ci sia stata la diffusione di “collaterized debt obbligations” (CDO), veicoli tristemente noti per aver trasformato debito a basso rating in debito ad alto rating. Pur avendo perso popolarità a Wall Street, tali strutture prendono ora piede sull’altro versante dell’Atlantico.

Dopo tutto, il veicolo salva-euro European Financial Stability Facility (EFSF), creato lo scorso maggio dai paesi di Eurolandia, è il più grande CDO mai realizzato prima. Come con i CDO, anche il veicolo EFSF è stato immesso sul mercato come strumento per ridurre il rischio. Sfortunatamente, il risultato potrebbe essere simile: far sprofondare l’intero sistema bancario nel caos più totale.

I CDO sono una forma di alchimia finanziaria: società veicolo che acquistano l’equivalente finanziario del piombo (mortgaged-backed securities a basso rating) e si finanziano principalmente con l’equivalente finanziario dell’oro (obbligazioni con rating AAA, altamente ricercate). Tale trasformazione si basa su un principio solido e due principi traballanti.

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