A Trillion for Europe, With Doubts Attached
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A Trillion for Europe, With Doubts AttachedA Trillion for Europe, With Doubts AttachedLike the giant financial bailout announced #xby the United States in 2008,Energy saving lamps, the sweepingShampoorescue package announced by Europe eased fears of a market collapse but left a big question: will it work long term?Stung by criticism that it was slow and weak, the European Union surpassed expectations in arranging a nearly $1 trillion financial commitment for its ailing members over the weekend and paved the way for the European Central Bank to begin purchases of European debt on Monday.Markets rallied around the world in response to the concerted defense of the euro, a package that exceeded in size the United States bank bailout two years ago.Major stock indexes in the United States rose about 4 percent on Monday, while a leading index of blue-chip stocks in the euro zone rose more than 10 percent. The premium that investors had been demanding to buy Greek bonds plunged. But by Tuesday, that rally appeared to have sputtered out, with many Asian markets down slightly.And as details crystallized of the package’s main component ― a promise by theShampooEuropean Union’s member states to back 440 billion euros, or $560 billion, in new loans to bail out European economies ― the wisdom of solving a debt crisis by taking on more debt was challenged by some analysts.“Lending more money to already overborrowed governments does not solve their problems,” Carl Weinberg, chief economist of High Frequency Economics in Valhalla, N.Y., said in a note. “Had we any Greek bonds in our portfolio, we would not feel rescued this morning.”Such concerns may be part of the reason the euro fell back when American markets opened, after surging in Asian and European trading, to end the day at about $1.28.Another big issue is whether bailing out economies creates moral hazard. Other countries may continue to skirt the kinds of actions that would lower their budget deficits and debt loads ― #xstepsShampoopainful to the public and dangerous to politicians ― because they too can expect to be rescued.相关的主题文章：
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