The key dysfunction of the euro, however, is not addressed. Rather than sever the lethal embrace between stressed sovereign debt and weak banking systems, a cash advance to bail out banks with taxpayer funds adds to the burden of Madrid’s public finances. If the state of Spanish banks is much worse than expected, this action could amount to lending the country rope with which to hang itself – repeating the Irish mistake.
然而欧元最主要的功能障碍还是没有解决。用纳税人的资金来救助银行,不仅没有将问题主权债务与脆弱的银行体系之间致命的“纽带切断,还会加重西班牙公共财政的负担。如果西班牙银行业的状况明显比预期中更糟糕,此次行动就无异于借给该国上吊的绳子,这将重蹈爱尔兰的覆辙。
Until this prospect is banished, markets will not regain confidence in Spain, despite the strengths of its corporate sector, its structural reforms and a speedy macroeconomic adjustment. What is needed are bank resolution rules that cap taxpayer exposure. This means writing down shareholders and converting uninsured and unsecured debt into equity when banks cannot raise the capital they need.
如果这种可能性不消除,市场就无法对西班牙重拾信心,尽管西班牙企业状况良好、西班牙也在采取结构性改革和快速的宏观经济调整。现在需要的是拟定银行清理规则,其中要限定纳税人的负担。也就是说,当银行无法募集到需要的资金时,需要对股东减记,将没有保险和无担保的债务转变为股票。
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