Spanish Central Bank Dominique Faget/Getty Images

Тайное спасение банковской системы Европы

МЮНХЕН – В то время как мир волнуется по поводу Дональда Трампа, «Брексита» и притока беженцев из Сирии и других воюющих стран, Европейский центральный банк продолжает упорно и незаметно для общественности работать над своим планом реструктуризации долгов, – известным также как количественное смягчение (QE), – чтобы облегчить бремя чрезмерной задолженности стран еврозоны.

В рамках программы количественного смягчения ЕЦБ, которая началась в марте 2015 года (и, вероятно, будет продлена по ее окончании, запланированном на март 2017 года), центральные банки стран-членов еврозоны покупают частные ценные бумаги рынка на сумму 1,74 триллиона евро (1,84 триллиона долларов США), при этом более 1,4 триллиона евро будет использовано для покупки государственного долга своих же собственных стран.

Программа QE кажется симметричной, так как каждый центральный банк выкупает свой собственный государственный долг пропорционально размеру страны. Но результаты не будут симметричными, потому что государственные долги южноевропейских стран, где в прошлом случались долговые бумы и дефициты по счету текущих операций, в основном выкуплены иностранными кредиторами.

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