Eurozone governments’ determination to stop the liquidity crisis is matched only by their refusal to recognise the solvency crisis. The ECB and member states may be infinitely patient in rolling over debt, but unwilling to recognise losses, for example on Greek sovereign and on Spanish banking debt. I was reminded of that when I read that Germany was now ready to accept a two-year extension of the Greek programme, but there would be no new money, leaving Greece itself to fund the gap – something that is simply not going to happen.
可以与欧元区政府制止流动性危机的决心相媲美的,只有他们拒绝承认这是一场偿付能力危机。欧洲央行和成员国可能会在债务展期方面保持无止境的耐心,但他们不愿承认亏损,例如在希腊主权债务和西班牙银行业债务上的亏损。当我读到德国现在准备接受将希腊计划延长两年的报道时,我想起了这些,但问题是不会有新的资金,希腊将需要自行弥补资金缺口——而这肯定不会发生。
The refusal to let the European Stability Mechanism fund Spanish banks directly falls into the same category. Debt that has arisen in Spain will remain debt of the Spanish state as ultimate guarantor.
拒绝让欧洲稳定机制(European Stability Mechanism)为西班牙银行融资也属于这一类。在西班牙产生的债务,仍将成为西班牙政府这个最后担保人的债务。
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