西班牙国债收益率再创新高

The election victory for pro-austerity parties in Greece failed to assuage fears over the eurozone’s future, as investors ratcheted up the pressure on policy makers by sending Spain’s benchmark borrowing costs to a new euro-era high.

希腊支持紧缩的政党在大选中获胜，未能缓解人们对欧元区未来的担忧。投资者推动西班牙基准借款成本创出欧元时代新高，这加大了政策制定者们的压力。

Markets initially rallied on news that New Democracy and Pasok, two mainstream parties that support the austerity conditions of the eurozone’s bailout, gained enough seats to form a parliamentary majority in Athens. But the optimism was swiftly deflated by dismal bad bank loan figures in Spain that underlined the country’s woes.

最初当希腊支持欧元区纾困方案的紧缩条件的两大主流政党——新民主党(New Democracy)和泛希腊社会主义运动党(Pasok)——赢得足够组成议会多数派的席位消息传出时，市场走高。但西班牙糟糕的银行不良贷款数据突显出该国的困境，迅速冲散了乐观情绪。

Data from the Bank of Spain showed that the non-performing loan ratio of Spanish banks rose to 8.7 per cent of their outstanding portfolios in April – the highest in almost two decades.

西班牙央行的数据显示，西班牙银行的不良贷款占贷款余额的比率在4月升至8.7%，为近二十年的最高水平。

The eurozone has already promised €100bn to help recapitalise Spain’s banks, but investors are concerned that it could merely increase Madrid’s debt burden and eventually lead to a full sovereign rescue. Spain’s 10-year bond yields, which move inversely to prices, rose as high as 7.28 per cent yesterday, while the euro fell sharply against most other key currencies. Italy’s 10-year bond yields again rose above the 6 per cent mark.

欧元区已经承诺拿出1000亿欧元帮助西班牙的银行进行资本重组，但投资者担心这只会增加西班牙的债务负担，从而最终导致全面的主权纾困。西班牙10年期国债收益率（与价格走势相反）昨日上升至7.28%高位，同时欧元对其它主要货币大幅走低。意大利10年期国债收益率再次升至6%的关口上方。

“The Greek election merely postpones a consideration of the underlying problems, said Sushil Wadhwani, a hedge fund manager and former member of the Bank of England’s Monetary Policy Committee. “The markets are tiring of things that buy a little time and do not deal with the underlying issues.

曾担任英国央行(Bank of England)货币政策委员会成员的对冲基金经理苏希尔·瓦德瓦尼(Sushil Wadhwani)表示：“希腊选举只是延缓了人们对根本问题的考虑。市场厌倦了这种只是争取一点时间而并不解决根本问题的把戏。

At the start of the Group of 20 summit in Mexico, José Manuel Barroso, European Commission president, indicated that the terms of Spain’s banking rescue were still up for negotiation and acknowledged fears that the banking and fiscal crises are increasingly intertwined: “We have been in favour, as far as possible, in avoiding any kind of contamination of financial debt and sovereign debt.

在20国集团(G20)墨西哥峰会开幕之际，欧盟委员会(European Commission)主席若泽·曼努埃尔·巴罗佐(José Manuel Barroso)指出，有关西班牙银行业纾困的条款仍有待磋商。巴罗佐承认对银行业危机和财政危机的日益交缠感到担忧。他表示：“我们一直在尽可能地支持避免金融债务和主权债务出现任何形式的传染。

While the commission and many eurozone countries have been in favour of using the continent’s rescue fund, the European Stability Mechanism, to inject equity directly into failing eurozone banks, Germany remains opposed and has a blocking vote on the ESM board.

尽管欧盟委员会和许多欧元区国家支持使用欧洲稳定机制(ESM)向困境中的欧元区银行直接注入股本，但德国依然反对这种做法，而且德国在ESM理事会拥有否决权。

Investors have begun to focus their concerns on an EU summit scheduled for the end of the month, with many hoping policy makers will make progress towards some form of banking union to prevent the bloc from unravelling. Hopes have centred on proposals to create a common European bank supervisor and rescue fund that would shore up banks too big and too weak to be rescued by their national governments.

投资者开始将关注的焦点投向定于本月底召开的欧盟峰会，许多人希望政策制定者将推进创建某种形式的银行业联盟，以阻止欧元区解体。人们将希望聚焦于有关创建欧洲银行共同监管机构和纾困基金的提议上。共同纾困基金将为那些因为规模过大或者实力过弱、而无法由各国政府纾困的银行提供支持。