That Sinking Feeling; Europe's Government-bond Markets  

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[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 395 no. 8683 (May 2010), page 71-72.
Topik: Economic Policy; Bailouts; Short Sales; Government Bonds; Money Market Mutual Funds; International

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.63 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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When Europe's finance ministers emerged in the early hours of May 10th to announce a EUR 750 billion ($950 billion) rescue of the embattled euro zone, some joked that they had thrown everything at the problem "including the kitchen sink". It turns out there are a few more implements left to hurl. Germany this week announced a ban on the naked short-selling of euro-area government bonds and shares of some financial firms, and on the buying of sovereign credit-default swaps by investors who have not also bought the underlying bonds. Angela Merkel, Germany's chancellor, gave warning that the euro is at risk as she defended the ban. If Germany hoped to calm markets, it failed. Shares slipped, as did the euro. Euro-zone solidarity fractured, too: Christine Lagarde, the French finance minister, said she regretted the decision. The pipes of the world's financial system are gumming up again. One concern is that American money-market funds, which Barclays Capital reckons have lent $300 billion-$500 billion to European banks, are cutting their exposure to Europe, making it hard for banks and companies to borrow.

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