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“塞浦路斯模式”论引发市场动荡 Eurozone shifts burden of ris

2017-06-15 14:45 点击:
“塞浦路斯模式”论引发市场动荡 Eurozone shifts burden of risk from taxpayers to investors

The ?10bn Cypriot rescue is a watershed for how the eurozone deals with failing banks, with European leaders now committed to “pushing back the risks” of paying for bank bailouts from taxpayers to private investors, the chairman of the group of eurozone finance ministers has said.

欧元区财长集团主席杰伦?迪塞布洛姆(Jeroen Dijsselbloem)表示,100亿欧元的塞浦路斯纾困方案,对于欧元区应对破产银行的方式是一个分水岭,欧元区领导人现在致力于“推回风险”,即让私人投资者(而非纳税人)为银行纾困买单。

Jeroen Dijsselbloem, president of the eurogroup, was speaking hours after Cyprus reached an 11th-hour ?10bn bailout deal with international lenders that avoids a levy on bank accounts but will force large losses on big deposits in the island’s two largest lenders.

迪塞布洛姆是在塞浦路斯与国际贷款机构在最后一刻达成100亿欧元纾困协议几小时后说这番话的,该纾困协议避免对塞浦路斯银行存款征税,但将迫使该国最大两家银行的大额存款承受严重损失。

European bank stocks and the euro suffered sharp losses following his comments amid concerns over the safety of bank deposits in any future bailouts. The single currency fell more than 1 per cent against the dollar, wiping out all its earlier gains following relief that a deal had been struck in Cyprus.

在他发表这番言论之后,欧洲银行股票和欧元汇率均大幅下挫,市场对未来纾困方案中银行存款的安全感到担忧。欧元兑美元汇率下跌逾1%,抹去了塞浦路斯纾困协议达成后市场如释重负所带来的全部涨幅。

Shares in Italy’s two largest banks, UniCredit and Intesa Sanpaolo, fell 6 per cent, while shares in French bank Société Générale also lost 6 per cent.

意大利规模最大的两家银行??意大利银行联合信贷集团(UniCredit)和联合圣保罗银行(Intesa Sanpaolo)股价下跌6%,法国的兴业银行(Société Générale)股价也下跌6%。

Yesterday’s deal allowed the European Central Bank to keep its emergency lifeline open to Cypriot banks yesterday, preventing a meltdown of the financial sector that threatened the country’s euro membership.

昨日达成的协议使得欧洲央行(ECB)可继续向塞浦路斯银行提供紧急救助资金,防范了危及该国欧元区成员国身份的金融业崩盘。

Nicos Anastasiades, the Cypriot president, announced last night that the country would introduce capital restrictions to prevent capital flight. But he stressed that the introduction of the controls would be “a very temporary measure that will gradually be relaxed”.

塞浦路斯总统尼科斯?阿纳斯塔夏季斯(Nicos Anastasiades)昨夜宣布将实行资本管制,以防范资金外逃。但他强调,这些管制将是“非常暂时的举措,将逐步放松管制”。

Speaking to the Financial Times and Reuters, Mr Dijsselbloem said the relative market calm in recent months, coupled with the lack of market panic following the decision to force private investors and depositors to pay for the bailout of two large Cypriot banks, allowed the eurozone to pursue private money more aggressively when banks fail.

迪塞布洛姆在对英国《金融时报》和路透(Reuters)发表讲话时表示,最近几个月市场的相对平静,爱博娱乐城,再加上在决定迫使私人投资者和储户为塞浦路斯两家最大银行纾困买单后市场没有出现恐慌,都使欧元区可以在银行破产时以更大力度迫使私人部门买单。

“Taking away the risk from the financial sector and taking it on to the public shoulders is not the right approach,” Mr Dijsselbloem, who is also the Dutch finance minister, said.

身为荷兰财长的迪塞布洛姆表示:“转移金融业的风险,使公共部门承担这些风险的做法并不正确。”

“If we want to have a healthy, sound financial sector,爱博娱乐城, the only way is to say: ‘Look, there where you take the risks, you must deal with them, and if you can’t deal with them you shouldn’t have taken them on, and the consequence might be that it is end of story’,” he said.

他表示:“如果我们希望建立一个健康、稳健的金融业,唯一的方法是说‘看吧,在你承担风险的领域,你必须应对这些风险,如果你没法应对,你本来就不应承担这些风险,后果可能是故事就此结束’。”

“That’s an approach that I think we,爱博娱乐城, now that we are out of the heat of the crisis, should consequently take.”

“既然我们已度过此次危机的最严重时刻,我认为这是我们应采取的方法。”

This approach would mark a radical change of course since the crisis began three years ago. In the Irish and Spanish banking sector rescues ? which were similar to Cyprus in that bank failures risked plunging the governments into bankruptcy ? several categories of private creditors, particularly senior bondholders and uninsured depositors, were untouched.

这种方法将标志着自欧债危机3年前爆发以来在解决路线上发生彻底变化。在爱尔兰和西班牙银行业的纾困方案??当时的情况与塞浦路斯类似,银行破产可能让政府陷入破产??中,几类私营部门债权人(尤其是优先债券持有者和无保险储户)都毫发未伤。

译者/梁艳裳