Med COIN-Bloggen kommenteres løbende på dagsaktuelle emner. Vi vil søge at præge debatten, sådan at de skjulte konsekvenser ved nye former for indgreb, afgifter, skatter, forbud bliver gjort mere synlige.
| Man | Tir | Ons | Tor | Fre | lør | Søn |
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | ||
| 6 | 7 | 8 | 9 | 10 | 11 | 12 |
| 13 | 14 | 15 | 16 | 17 | 18 | 19 |
| 20 | 21 | 22 | 23 | 24 | 25 | 26 |
| 27 | 28 | 29 | 30 |
Af Post details: Greece and the EUROSimon Espersen,
14:53:46, Categories: Ludwig von Mises Institute, Østrigske økonomiske skole, Greece is already being bailed out by the rest of the union. The European Central Bank (ECB ) accepts Greek government bonds as collateral for their lending operations.[...] European banks may buy Greek government bonds (now paying a premium in comparison to German bonds of more than 3% ) and use these bonds to get a loan from the ECB at 1% interest — a highly profitable deal.
The banks buy the Greek bonds because they know that the ECB will accept these bonds as collateral for new loans. As the interest rate paid to the ECB is lower than the interest received from Greece, there is a demand for these Greek bonds. Without the acceptance of Greek bonds by the ECB as collateral for its loans, Greece would have to pay much higher interest rates than it does now. Greece is, therefore, already being bailed out.
The other countries of the eurozone pay the bill. New euros are, effectively, created by the ECB accepting Greek government bonds as collateral. Greek debts are monetized, and the Greek government spends the money it receives from the bonds to secure support among its population.
Prices start to rise in Greece, and the money flows to other countries, bidding up prices throughout the eurozone. Abroad, people see their buying costs rising faster than their incomes. This is a redistribution in favor of Greece. The Greek government is being bailed out by a constant transfer of purchasing power from the rest of Europe.
No Comments/Pingbacks for this post yet...
Comments are closed for this post.
