博客浏览Eamonn Fingleton档案



书签 全部切换总目录添加到图书馆从图书馆中删除 • B
回复同意/不同意/等等 更多... This Commenter This Thread Hide Thread Display All Comments
这些按钮可将您的公开协议,异议,感谢,LOL或巨魔与所选注释一起注册。 仅对最近使用“记住我的信息”复选框保存姓名和电子邮件的频繁评论者可用,并且在任何八个小时的时间内也只能使用三次。
忽略评论者 关注评论者
搜寻文字 区分大小写  确切的词  包括评论
列表 书签

Although the aftershocks created by the botched 塞浦路斯 bank bailout are by no means over, the news this morning is on balance reassuring. At least we should be thankful for small mercies: the European banking system is still standing.

While the crisis has precipitated bank runs in Cyprus, depositors elsewhere seem to have remained remarkably calm. On the negative side perhaps the biggest surprise is the extent of markdowns in bank stocks. The victims include not just the obvious suspects in 西班牙, 希腊, 葡萄牙爱尔兰, many of which have predictably taken hits of as much as 4 percent or more this morning, but the French and Italian banks. Even German banks have not been spared, with Deutsche Bank one of the worst hit. What is more remarkable is the impact on British and Swiss bank stocks. In early trading, Barclays, HSBC, Lloyds, and UBS have all taken hits in the 2 to 4 percent range. Given that neither the U.K. nor Switzerland is in the eurozone, these nations are protected by a robust firewall from the worst financial lunacies emanating from Brussels and Berlin. The markdowns clearly spring less from solvency jitters than from concerns that the crisis will further delay a sustained global economic recovery.

At the center of the storm is a proposal — not yet finalized — to force haircuts on small depositors in Cypriot banks. These depositors had been assured that amounts up to 100,000 euros were inviolable but now the Eurocrats want to impose an “asset tax” on all deposits. Nobody is fooled by the semantics. This is a clear breach of faith on deposit insurance and bodes ill for bank depositors throughout the eurozone.

As for the press, the scorn in Britain for the Eurocrats’ latest fiasco is unbounded. As Alex Brummer, financial editor of the 每日邮件, points out, by stiff-arming small depositors, European banking regulators have crossed a Rubicon. Brummer adds intriguingly that Russia was a party to the rescue. Apparently Moscow is thought to have agreed to contribute up to 2.5 billion euros to the overall rescue package. Brummer comments: “It is protecting its strategic interests as well as those of Russian citizens.”

Perhaps the most coruscating comments have come from the normally measured 金融时报。 Referring to the strangely unbalanced structuring of the Cyprus bailout, the paper points out that unsecured senior bondholders are not being asked to take a haircut. The paper comments: ”While Cypriot banks have very little bonded debt outstanding – a mere €1.7bn, as against some €70bn of deposits – this is still significant compared to the €5.8bn the deposit tax will raise. It also circumvents the legal status of claims on bankrupt debtors in a way that hurts ordinary depositors to benefit sophisticated investors. This is destabilising as well as morally unconscionable.”

在一篇社论中, FT adds: “The prescription of universal austerity combined with kid-gloves treatment of big investors in banks is increasingly toxic to European voters. Leaders have just added fuel to the fire.”

(从重新发布 “福布斯” 经作者或代表的许可)
• 类别: 经济学 •标签: 银行系统, 塞浦路斯 


 记得 我的信息为什么?
提交的评论已被许可给 Unz评论 并可以由后者自行决定在其他地方重新发布
通过RSS订阅此评论主题 通过RSS订阅所有Eamonn Fingleton评论