06-09-2012
ECB and the Conditionality Issue 欧洲央行和条件限制发行
| It could take time for the market to realize, but for all the fuzz about today's BCE press conference, one thing the market seems to ignore is that no purchase of either Spanish or Italian debt will be in place if first the two states do not access to EU help-line. May-be initial reaction to Draghi's words will be positive but it should be noted that unless spreads on the debt of both countries fall dramatically for purely market-driven mechanisms, Spain and Italy will still have to request aid. Italian politicians will resist the process that would finally dent into public expenditures. The process is going to be all but smooth. 这可能需要一段时间的市场来实现，但所有的绒毛关于今天的BCE按会议，1东西的市场似乎忽略的是，没有购买，无论是西班牙或意大利的债务将是在地方，如果第一次的2的状态也没有访问欧盟的求助热线。 五月德拉吉的话是最初的反应是积极的，但应注意，除非传播急剧下降纯粹以市场为导向的机制，西班牙和意大利将srtill请求援助。意大利的政客们将抵制的过程，最终会削弱到公共支出。这个过程将是所有，但光滑。 |