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发表于 2011-11-9 12:19 PM
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Five reasons that Italy is not Greece:
1. Italy’s average debt maturity is much longer, meaning any rise in yields is not an immediate problem and “will take some time to filter through into Italy’s debt burden.”
2. Italy collects many more taxes than its debt service costs, even if it hypothetically had to pay 7% on all its debt.
3. Its overall debt burden – combining private and public debt – is relatively low compared to developed countries.
4. More than half of Italy’s debt is held domestically, which gives the government a little more say. For example, “bond swaps can be foisted on domestic institutions. Domestic institutions can be required to hold more government bonds in, say, pension portfolios.”
5. Finally, Italy “has other sources of wealth.” The country has a whole lot of gold – the fourth highest reserve in the world. |
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狗仔卡
发表于 2011-11-9 11:51 AM
