Second, government bail-outs can have long-term costs. In some cases, brokenbalance-sheets are a sign of a broken business model; bankruptcy is then a better option,cleansing the economy of unproductive firms. Japan kept too many bad firms going. Thereare signs of that in America and Britain too. The American government s bail-outs ran to over601 billion DOLLAR, with 928 recipients across banking, insurance and car industries. Britainhas large stakes in two of its four big banks and has no clear plans to sell them.
第二,政府救市面临着长期成本。在一些实践中,糟糕的资产负债表是不好的商业模式的一个标志;破产是更好的出路,把经济状况不好的公司清除出去。日本保留了太多不好的公司,美国和英国也是。美国的救市开支超过了6010亿美元,救助了银行、保险业和汽车公司共928家的实体。出售英国四家大银行的其中两家有很大的风险而且没什么好办法出售他们。
The euro area is in a more dangerous position. Its recovery has been painfully slow . Its prospects look grim: data released on August 1st showedGerman, French and Italian manufacturing contracting at an increasing rate . And to the meagre stimulus and zombification of industry can be added athird Japanese traitpolicy indecision. On August 2nd Mario Draghi, the ECB s head,indicated the bank s readiness to buy bonds again as part of a co-ordinated rescue plan.Stockmarkets initially fell, suggesting the investors are unconvinced that it will save theeuro area from aping Japan.
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