The amount lent at the second auction was slightly higher than expected, and went to farmore banks than the initial auction in December. Since so many small banks have nowtapped LTRO, hopes are rising that as well as slowing the pace of bank deleveraging andpropping up sovereign-bond markets, the liquidity may encourage new lending to the realeconomy.
第二次竞标的贷款量略高于此前预期,获得贷款的银行数量也大大超过12月的首次竞标。LTRO不仅放缓了银行减债的步伐,支撑了主权债券市场,同时也因为众多小型银行现已从LTRO获得资金,人们越来越期望流动资金能够刺激新贷款流向实体经济。
It might, but all that money could also have nasty long-term side-effects. Hawks at the ECBare already muttering about the problem of banks becoming addicted to cheap central-bankfunds. And by encouraging Italian or Spanish banks to buy their governments bonds, LTROreinforces the close links between the peripheral economies sovereign debt and the healthof their banks.
三年期贷款可能有这种作用,但也可能产生长期的负面影响。欧洲央行的鹰派已经开始抱怨各国银行沉溺于央行的廉价基金。三年期贷款刺激了意大利或者西班牙用所获资金购买国债,将次要经济体主权债务与其银行健康状况捆绑得更紧。
LTRO has bought time, however. So, too, has Greeces latest rescue package. GermanysBundestag approved its share of the funds on February 27th. The temporary downgradeof Greek bonds to selective default, as a result of moves to restructure private creditorsdebt, has caused few ripples. In the short term a chaotic default has almost certainly beenavoided. But few believe the Greek rescue plan will actually work. Eventually Greece willeither need more help from its rescuers or will face default and perhaps an exit from theeuro.
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