2015考研英语阅读以整体思维设计欧洲债券_大学英语阅读

2015考研英语阅读以整体思维设计欧洲债券

　　无论欧洲债券采取何种发行方案，都将是一个类似半成品的事物。这意味着，或者成员国主权债务的某些部分，或者债券的期限，将受到限制。有人就建议将欧洲债券界定为短期债务工具。荷兰拉博银行首席经济学家维姆布恩斯塔主张，欧元区国家应采取联合担保的形式，发行一种单期期限不超过两年，总期限四年的共同融资工具。按照他的计划，一方面，希腊、爱尔兰和葡萄牙由于已经接受了救助资金，将不会成为联合担保的对象;另一方面，意大利和西班牙将由此获得喘息的机会，两国的银行业也将获得欧洲债券这种比较安全的一般性资产。但是这个方案存在的一大问题是，即使没有欧洲债券，意大利政府和西班牙政府现在已经能比较轻松地获得这一期限内的贷款。况且，如果各国在这一方案的激励下都来发行短期债券，那么等到借新还旧的时候就会面对更大的融资压力。

　　A much more ambitious scheme from Bruegel, a Brussels-based think-tank, first outlinedin 2010, would use the original Maastricht-treaty cap for public debt of 60% of GDPmorehonoured in the breach than the observanceto carve a dividing line betweenjointly-guaranteed debt and the rest. National borrowings below the 60% level could beswitched into blue Eurobonds, while the remaining red debt would remain theresponsibility of individual states. The blue bit would cover around 5.5 trillion Euroa lotmore than Mr Boonstra s plan, and it would be for keeps. The main objection to thiscolour-coded proposal is that the resulting pressure on countries to reduce their red debtcould backfire. The now-riskier tranche of borrowing would turn toxic, with yields on itsoaring as borrowers priced in the higher risk of default. In the ensuing panic, theguarantee would probably have to be extended. The limit for blue debt would turn out tobe as binding a constraint as the original Maastricht ceiling.