【出版时间及名称】：20100709-摩根大通：Euro area sovereigns: the long journey back to solvency
      【作者】：摩根大通
      【文件格式】：PDF
      【页数】：2
      【目录或简介】：Euro area sovereigns: the long
journey back to solvency
• Budgetary plans in Spain and Portugal through 2013
are in line with an estimated solvency relationship
• Irish plans fall slightly short
• Greek plans through 2013 fall only slightly short, but
only with very subsidized borrowing costs
One way or another, Greece, Spain, Portugal, and Ireland
will all reach a position of debt sustainability. In practical
terms, this means being able to access capital markets at a
borrowing cost that is not too far from the country’s nominal
growth rate. The only uncertainty is how this destination
will be reached, and to what extent the burden of adjustment
is shared between domestic residents (via fiscal
tightening), creditors (via debt restructuring or inflation),
other residents (via fiscal transfers), or trading partners in
the rest of the world (via a weaker euro).