Paul Lachine

再见欧元?

慕尼黑——
“告急的不是欧元,而是某些欧洲国家的公共财政。”最近,这些话听得人耳朵都起老茧了。但事实并非如此。欧元本身正在面临威胁,因为陷入危机的那几个国家近几年来一直在迫使欧洲央行开足马力印欧元。

四猪国(希腊、爱尔兰、葡萄牙和西班牙)商业银行90%左右的再融资债务是经各自国家央行点头的,发债的目的从其他欧元区国家购买商品和资产净流入。欧元区内部再融资贷款总量的三分之二来自四猪国,而这四个国家的GDP只占欧元区的18%。事实上,过去三年来,这四个国家经常项目赤字的88%是通过欧元体系内部的信贷扩张融资的。

截止2010年末,欧洲央行贷款(主要来源于德国央行)总量为3400亿欧元。这一数字包括了过去三年来为解决爱尔兰资本外逃问题提供的总量达1300亿欧元的欧洲央行信贷。欧洲央行的援助计划让欧元区外围国家人民得以享受超出其支付能力的优渥生活,也使得手握重金的资产持有者从别处大发利市。

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