A Step Closer to Debt Mutualisation

Diffusion · 发表于 2012-7-25 12:19 PM

今天早上的消息

an ECB governing council member floats the idea of a banking license for Europe’s bailout fund.

如果bailout fund变成了银行，那会怎样

1. 它可以把手里的equity做杠杆，发行bond，按6% - 8%的capital ratio计算，手里的钱一下就放大了12 - 16倍
2. 它发行bond实际上相当于欧盟发行bond
3. 它可以买欧洲的主权债作为投资

1，2，3连起来看，就是说欧盟可以透过这个bailout fund发bond，然后买各个猪国的国债。可以把PIIGS 7%的debt recycle成2%的bond。就是实质上debt mutualisation。

当然现在还不知道德国的态度。如果德国同意，这是原子弹啊。

胡同儿串子 · 发表于 2012-7-25 12:22 PM

sounds good to me!

learner2009 · 发表于 2012-7-25 01:38 PM

Diffusion 发表于 2012-7-25 01:19 PM
今天早上的消息

Laoda, the idea "欧盟发行bond directly" was proposed a while ago but rejected by someone, right? what's the difference be them? Do you think German may agree? Aren't they the same thing?

时时是好时 · 发表于 2012-7-25 02:02 PM

When will the final decision been made on this? Or the result already out?

Diffusion · 发表于 2012-7-25 02:22 PM

learner2009 发表于 2012-7-25 01:38 PM
Laoda, the idea "欧盟发行bond directly" was proposed a while ago but rejected by someone, right? w ...

当然是有区别的了。就好像做生意，有人自己做，有人注册个公司，用公司的名义做，虽然都是自己的钱。就是这么个区别。

不知道德国会怎样。investor会等情况明朗化。但是激进speculator会买，等到消息兑现了再卖给入场的investor。

Diffusion · 发表于 2012-7-25 02:23 PM

时时是好时发表于 2012-7-25 02:02 PM
When will the final decision been made on this? Or the result already out?

Just a proposal, may take months for the final decision. But until the final decision is out, it is good time for 浑水摸鱼

learner2009 · 发表于 2012-7-25 02:40 PM

Diffusion 发表于 2012-7-25 03:22 PM
当然是有区别的了。就好像做生意，有人自己做，有人注册个公司，用公司的名义做，虽然都是自己的钱。就是 ...

hunting · 发表于 2012-7-25 03:42 PM

军师威武，，，

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[基础分析] A Step Closer to Debt Mutualisation

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