If it dares, Madrid can take steps in this direction. It should stick to the €99bn envelope for the Frob’s investments – which means limiting the European credit line to the €80bn or so not already funded. It should also instruct the Frob not to inject capital before shareholders and creditors take a hit. That should make €80bn enough.
如果敢的话,西班牙可以在这个方向上采取行动,但应该在990亿欧元的“银行有序重组基金的框架下行动。也就是说,需要将欧洲信贷额度限制在尚未到位的800亿欧元。同时,还需要指示“银行有序重组基金,在股东和债权人承受损失之前不要向银行注入资金。因而800亿欧元是足够的。
The political obstacles are formidable. It would expose the political machinations behind banks that exploit public trust. Bankia, for example, flogged its shares to its retail savers, who will lose in a writedown. Also, Berlin is set against any losses for creditors as German savers and pensioners would be among them. Governments understandably fear the ire of victims of reckless banks. Protecting the banks themselves, however, only prolongs the problem.
政治阻碍令人生畏。这将暴露出利用公众信任的银行背后的政治图谋。比如Bankia就将其股票转移给个人储户,后者将在减记过程中遭受损失。同时,德国也反对债权人承受损失,因为一些德国储户和领养老金者就在债权人之列。政府担心行事轻率的银行的受害者会燃起熊熊怒火,这可以理解。然而,保护银行本身只是拖延了问题。
【FT社评:西班牙纾困治标不治本】相关文章:
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