銀行家威脅降低德國信貸評級 如果幫希臘

銀行家威脅降低德國的信貸評級 如果它幫希臘脫離債務陷阱
Bankers threaten to downgrade Germany's credit rating if it helps Greece out of debt trap
Wednesday, 24 February 2010 12:34
News - Highlighted News

February 23, 2010, 12:50 PM EST
By Paul Dobson

Feb. 23 (Bloomberg) -- Germany risks either harming its credit rating or damaging exports depending on whether it agrees to help bail out Greece, according to Schroders Plc.
2月23日（彭博） - 德國處身風險，損害其信用評級抑或破壞出口，取決於它是否同意幫助挽救希臘，根據施羅德國際商人銀行。
Any transfer of funds to the European Union’s most indebted nation from its biggest economy may hurt Germany’s AAA rating, said Jamie Stuttard, who oversees $25 billion as head of European fixed income at the London-based company. A refusal to do so would harm the economies of countries such as Greece, Ireland, Italy, Portugal and Spain and damage Germany’s ability to sell goods into those markets, he said.
任何資金轉移從歐盟的最大經濟體進入最大的負債國，可能會損害德國的AAA評級，傑米 Stuttard說，他在以倫敦為基地的公司歐洲人固定收入，作頭頭負責 250億元；拒絕這樣做將會損害一些國家的經濟，如希臘、愛爾蘭、意大利、葡萄牙和西班牙，和破壞德國進入這些市場的銷售能力產品，他說。
“We have this fairly binary decision,” Stuttard said. “If it leaves Greece to sink or swim then Germany will preserve its own creditworthiness, but the export market for German goods across southern Europe is going to be negatively impacted.”
“我們有這頗為二進制決定，”Stuttard說。 “如果它讓希臘沉沒或游泳，那麼德國將保存自己的信譽，但德國商品在歐洲南部的出口市場將是負面影響。”
European finance ministers signaled on Feb. 16 they may provide Greece with support if it takes what EU Monetary Affairs Commissioner Olli Rehn called “determined action” to reduce its budget deficit. German Chancellor Angela Merkel is under pressure to avoid providing Greece and Europe’s other ailing economies with financial aid. Horst Seehofer, leader of Merkel’s Bavarian allies, said Feb. 17 that “not a single euro” should go to Greece from Germany.
歐洲財長 在2月16日發出信號，他們可提供支持給希臘，如果它接受歐盟貨幣事務專員奧利雷恩所謂的“果斷行動”以減少預算赤字。德國總理默克爾受到壓力，避免提供給希臘和歐洲其它疲弱的經濟體予財政援助。默克爾的巴伐利亞盟友的領導人霍斯特澤霍費爾2月17日說：“沒有一個歐羅”應該從德國去希臘。

‘Core Element’
Merkel said in a speech in Hamburg yesterday that a solution to the Greek crisis is the “core element” in re- establishing confidence in the euro and urged nations to adhere to budget rules as soon as possible.

Investors are finding it difficult to assess how increasing deficits in some European nations will contaminate the German economy because the government hasn’t yet indicated whether it will direct money to Greece, Stuttard said. He didn’t give details on how he has invested his assets.

Greece, representing 2.7 percent of the euro region’s $13 trillion economy, posted a budget deficit of 12.7 percent of gross domestic product in 2009, the highest of any nation during the euro’s 11-year history and more than four times the EU’s 3 percent limit.

German exports to the five nations stood at 82 billion euros ($112 billion) in the first 10 months of 2009, equal to 17 percent of sales to Europe and 12 percent of total shipments, according to Bloomberg calculations based on data from the federal statistics agency in Wiesbaden.

Greece, Spain, Portugal and Ireland have had their credit grades cut since the start of 2009. While Germany hasn’t been criticised by ratings companies, other top-rated nations have been censured over their budget plans. Moody’s Investors Service said in December the U.S. and the U.K. may “test the Aaa boundaries.”

‘PUGS Not PIIGS’
The U.S. budget deficit will expand to an unprecedented $1.6 trillion in the fiscal year ending Sept. 30, the government predicted Feb. 1. The U.K. in December increased planned gilt sales for the fiscal year that will end March to a record 225.1 billion pounds ($348.2 billion) from the 220 billion pounds announced in April.

Investors should stop worrying about the prospects for the so-called PIIGS nations -- Portugal, Ireland Italy, Greece and Spain -- and instead be cautious about their holdings in the U.K. and the U.S., Stuttard said.

“The PUGS nations face the biggest fiscal challenges this year, so those really are the ones to look out for,” he said.

--Editors: David Clarke, Keith Campbell.

To contact the reporter on this story: Paul Dobson in London at +44-20-7673-2041 or pdobson2@bloomberg.net This e-mail address is being protected from spambots. You need JavaScript enabled to view it

To contact the editor responsible for this story: Justin Carrigan at +44-20-7673-2502 or jcarrigan@bloomberg.net This e-mail address is being protected from spambots. You need JavaScript enabled to view it

http://www.theflucase.com/index.php?option=com_content&view=article&id=2817%3Abankers-threaten-to-downgrade-germanys-credit-rating-if-it-helps-greece-out-of-debt-trap&catid=41%3Ahighlighted-news&Itemid=105&lang=en