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楼主 |
发表于 2010-6-5 12:00 AM
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不过这一段可够骇人听闻的:
One secret about European sovereign debt most investors around the world fail to understand: Europe's banking regulators have allowed the banks to own European sovereign debt with zero reserves because the banks argued these were "risk-free" assets. The easiest way for European banks to "lever up" and increase their returns on equity was to borrow large amounts of slightly higher-yielding sovereign debt, from places like Greece, Spain, Portugal, and Italy. The policy accomplished two things: It allowed nations privileged access to credit, and it allowed banks to take on much more leverage than they could have otherwise afforded. Now, with credit default swap prices rising on these sovereign credits, the truth of these credit risks is coming out. |
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