Financial Times: Italien har ingen sedelpress
Jag tycker jag får vatten på min kvarn gällande min kanske uppfinna-hjulet-på-nytt-insikt om att "Om man har en sedelpress går man inte i konkurs" (denna blog 2011-11-04)
- Det tråkiga för länder som är med i EMU, som t ex Grekland, Spanien, Italien, Irland och Portugal är att hela deras statsskuld, liksom alla privata skulder, är i euros, vilket för dem är en utländsk valuta, i meningen att landets centralbank inte kan framställa mer av den med viljekraft.
Jag läser i dag i Financial Times:
One banker involved in the funding for one of the world’s largest lenders suggests a further parallel between eurozone countries and the financial crisis of 2008.
Three years ago, a number of banks, from Lehman Brothers and Bear Stearns to Northern Rock and HBOS, collapsed or fell into trouble because of difficulties with their wholesale funding model. Put simply, they had become too dependent on markets for their funding and rolling over their debt on maturity.
So, what happens if you think of Italy and other eurozone countries as an institution that relies on wholesale funding?
Just like the banks in 2008, Italy cannot print money to alleviate its problems and it has a large stock of debt.
In fact, it is almost completely reliant at present on capital markets to refinance its debt, with at least €350bn coming due next year alone.
Vad säger vår EU-minister? Hon heter Birgitta Ohlsson.
- Det tråkiga för länder som är med i EMU, som t ex Grekland, Spanien, Italien, Irland och Portugal är att hela deras statsskuld, liksom alla privata skulder, är i euros, vilket för dem är en utländsk valuta, i meningen att landets centralbank inte kan framställa mer av den med viljekraft.
Jag läser i dag i Financial Times:
One banker involved in the funding for one of the world’s largest lenders suggests a further parallel between eurozone countries and the financial crisis of 2008.
Three years ago, a number of banks, from Lehman Brothers and Bear Stearns to Northern Rock and HBOS, collapsed or fell into trouble because of difficulties with their wholesale funding model. Put simply, they had become too dependent on markets for their funding and rolling over their debt on maturity.
So, what happens if you think of Italy and other eurozone countries as an institution that relies on wholesale funding?
Just like the banks in 2008, Italy cannot print money to alleviate its problems and it has a large stock of debt.
In fact, it is almost completely reliant at present on capital markets to refinance its debt, with at least €350bn coming due next year alone.
Vad säger vår EU-minister? Hon heter Birgitta Ohlsson.
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