A Step Closer to Debt Mutualisation

Diffusion

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

sounds good to me!

learner2009

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

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

Diffusion

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

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

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

军师威武，，，