2010/11/10

一枚板じゃないとだめなのかね  Eurozone debt crisis fears ease

















ヨーロッパがんばれ!
物価高すぎだけど。。。。。


FTです


The Irish bond market achieved its biggest gain in six months, sending waves of relief through European capitals where fears that the eurozone was on the verge of a second debt crisis had forced policymakers to contemplate a bail-out of Ireland.

The surge in Irish bond prices on Friday came after the finance ministers of Europe’s five largest economies issued a statement reiterating that any plans to force private investors to bear the burden of future sovereign bail-outs would not affect anybody currently holding eurozone bonds.

“We are clear that this does not apply to any outstanding debt and any programme under current instruments,” the British, French, German, Italian and Spanish finance ministers said in the statement released at the G20 summit in Seoul. Brian Lenihan, Irish finance minister, said the statement clarified “earlier ambiguities and doubts that were sown” by European leaders when they decided two weeks ago to reopen the European Union’s treaties to create a new bail-out system for future Greek-style implosions.

Angela Merkel, the German chancellor, has insisted the new system put more of a burden on private investors to pay for a future bail-out. The system would not be in place until 2013, but the markets had interpreted Ms Merkel’s hardline stance as a shift in sentiment that would force even current bondholders to take “haircuts” if Ireland or other “peripheral” EU economies needed to be rescued.

According to a European official familiar with deliberations in Seoul, the statement was put together after market turbulence led to “nervousness on the German side” that their tough stance was making Ireland’s position increasingly desperate.

The official noted that the statement included a list of possible private-sector roles in a future bail-out mechanism that were relatively mild, a reflection of growing concerns about the consequences of Germany’s firm position.

“As far as the markets are concerned, this is a German climbdown,” said Gary Jenkins, head of fixed income at Evolution Securities. The move could mark a turning point in negotiations over the future rescue system. Support seemed to be growing for French proposals under which private investors would be dealt with on a case-by-case basis when a country defaults.

Germany had previously favoured an insolvency procedure with automatic “haircuts” for private creditors.

“While we agree that in certain circumstances private sector involvement is necessary, on a case-by-case basis, this cannot be decreed” before a default, said a spokesman for the Austrian finance ministry, normally a close ally of Berlin’s. A senior European finance official said leaders in the 16 countries that use the euro, who are to meet on Tuesday for a previously-scheduled summit, may regard the bond market rally as a sign no urgent measures were needed.

Still, the Irish government was forced to deny a report on Friday that it was in talks for aid from the EU’s current, temporary EUR440bn bail-out system.

Bankers warned the problem was postponed rather than resolved. Many investors still expect that Ireland will eventually be forced to turn to Europe’s bail-out fund as the country’s cost of borrowing is unsustainable. And while Greek and Portuguese bond markets also rallied strongly, the cost of borrowing for all three is still at historically high levels.

0 件のコメント:

コメントを投稿