{0>Unfreezing Credit<}0{>La descongelación de los créditos<0}

{0>CHICAGO – Little political enthusiasm exists for further support to the banking sector.<}0{>CHICAGO.- No hay mucho entusiasmo político para dar mayor apoyo al sector bancario.<0} {0>One reason is that banks that received money in the initial rescues do not seem to have increased their lending, without which monetary and fiscal stimulus are unlikely to be effective.<}0{>Una de las razones es que los bancos que recibieron dinero en los primeros rescates no parecen haber incrementado sus préstamos, sin los cuales es poco probable que los estímulos fiscales y monetarios sean efectivos.<0} {0>For banks to start lending again, even more intervention may be needed.<}0{>Para que los bancos vuelvan a prestar tal vez se requieran aún más intervenciones.<0}

{0>To see why, we need to understand why banks are still so reluctant.<}0{>Para saber por qué, necesitamos entender los motivos por los que los bancos siguen mostrándose reacios.<0} {0>One possibility is that they worry about borrowers’ credit risk, though this would have to be extremely high to justify the complete cessation of long-term lending.<}0{>Una probable respuesta es que les preocupa el riesgo crediticio de los prestatarios, aunque éste tendría que ser extremadamente alto para justificar la total suspensión de los préstamos a largo plazo.<0} {0>A second possibility is that banks worry about having enough resources to meet their own creditors’ demands if they lock up funds in long-term loans.<}30{>Otra explicación es que a los bancos les preocupa no tener los recursos necesarios para responder a las demandas de sus propios acreedores si deciden inmovilizar fondos mediante préstamos de largo plazo.<0} {0>But the many central bank lending facilities that have been opened around the world should assuage these concerns, especially for large and well-capitalized banks.<}0{>No obstante, los múltiples mecanismos de crédito que los bancos centrales de todo el mundo han abierto deberían apaciguar estas preocupaciones, especialmente en el caso de los bancos más grandes y mejor capitalizados.<0}

{0>On the other hand, perhaps banks’ reluctance to lend reflects a fear of being short of funds if investment opportunities get even better.<}0{>Por otro lado, tal vez la indecisión de los bancos a realizar préstamos refleje su temor a quedarse sin fondos en caso de que mejoren aún más las oportunidades de inversión.<0} {0>Citicorp CEO Vikram Pandit said as much when he indicated that it was cheaper to buy loans on the market than to make them.<}0{>El presidente ejecutivo de Citicorp, Vikram Pandit, prácticamente lo dijo cuando indicó que era más barato comprar créditos en el mercado que otorgarlos.<0} {0>And buying may get cheaper still!<}0{>Además, es posible que las operaciones de compra sigan bajando de precio.<0}

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