Vladimír Urbánek (Kurzy.cz)
Finance  |  December 17, 2010 14:10:44

My name is Bond. Eurobond. And you will not solve the crisis.


Italian Finance Minister Tremonti and his Luxemburg counterpart Jean-Claude Juncker suggested fifth December in the Financial Times to create a new European bond instrument, which should gradually replace the bonds of each country. Governments would be issued by half in the form of new issues of Eurobonds until they reach 40% of the GDP of each country (and the euro area as a whole). Countries facing serious problems of market access in exceptional cases to cover 100% of its Eurobond issue. Eurobond would ensure the applicants according to their achieving two important goals:

- Creation of the bond market, which would be its size and liquidity of the market with comparable U.S. government bonds and

- End of speculative attacks against government bonds of euro area countries.

According to opponents of such bonds would be weakened market-generated incentives for fiscal discipline, because wasteful government would be able to borrow at a lower cost, while those responsible would be penalized.

Full article can be found on the server Patria Online, specifically HERE

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