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Debt restructuring looks inevitable. Yet it is also easy to see why it would be a nightmare, particularly if, as Mr Bini Smaghi insists, the ECB would refuse to lend against the debt of defaulting states. In the absence of ECB support, banks would collapse. Governments would surely have to freeze bank accounts and redenominate debt in a new currency. A run from the public and private debts of every other fragile country would ensue. That would drive these countries towards a similar catastrophe. The eurozone would then unravel. The alternative would be a politically explosive operation to recycle fleeing outflows via public sector inflows.
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Iniciado por F.GARDEL

hay que registrarse pa leer...

Iniciado por F.GARDEL

hay que registrarse pa leer...

Iniciado por Marai

He pegado sólo una pequeña parte (los del FT se ponen muy pesados con el copyrigth).

If this is a true currency union, a deposit in any eurozone bank must be the equivalent of a deposit in any other bank. But what happens if the banks in a given country are on the verge of collapse? The answer is that this presumption of equal value no longer holds. A euro in a Greek bank is today no longer the same as a euro in a German bank. In this situation, there is not only the risk of a run on a bank but also the risk of a run on a national banking system. This is, of course, what the federal government has prevented in the US.

Iniciado por Fray Guillermo

Otra virtud del BCE es que esteriliza la mayor parte (no sé si todas) sus operaciones de préstamo y compras de bonos, de forma que no aumenta la base monetaria como sí ha sucedido en EEUU. De ahí el gráfico que aparece en el FT, donde las posiciones deudoras de los bancos centrales más débiles se compensan con las posiciones crediticias de Alemania, principalmente.