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Eurozone Finance Ministers set to discuss euro bonds

11-30-2011 11:00 BJT

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Stocks around the world are continuing their rally, as eurozone finance ministers streamed into Brussels today. Hopes are high they can save the 17-nation bloq - and protect the global economy from a debt-induced financial tsunami.

Stocks are high, but so are bond yields. Up for discussion at the meeting are eurobonds - an all-for-one, one-for-all way of having the different countries guarantee each others’ debts.

Mario Monti, Wolfgang Schaeuble.

Right now each nation issues its own bonds, and each must pay wildly differing borrowing rates. Of course, Greece, Portugal and Ireland are surviving only on bailouts, already shut out of international bond markets. Some economists say they expect no surprises over the disbursement of the country’s delayed loan installment at the eurogroup meeting later in the day, but questioned what would happen with future funds. Some analysts also have expressed suspicion on the stableness of euro, or stability bonds, as they’re being called.

Greek Economist Vangelis Agapitos said: "I don’t expect any surprises. I am more concerned about the time lost, because really we’re getting September’s installment in December. So what’s going to happen with December’s installment? Will it be forthcoming in due course, because we have a lot of bonds maturing during the next 40 days?"

Robert Halver, head of Market Research of Baader Bank, said: "Again another summit, it would be important to have an effective result and that can only be the ECB starting to print money, Elite bonds or stability bonds are not a solution just because it says stability does not mean it is stable. The problem is that France most likely will be downgraded by the rating agencies and that mean the countries with good credit rating are becoming less and less."

Mario Monti, Jean-Claude Juncker, Wolfgang
Schaeuble, Olli Rehn.

From left, European Commissioner for the Economy Olli Rehn, Spain's Finance Minister
Elena Salgado, Italian Prime Minister and Finance Minister Mario Monti and
Luxembourg's Prime Minister Jean-Claude Juncker pose for a photo during a round table
meeting of the eurogroup at the EU Council building in Brussels on Tuesday, Nov. 29,
2011.

From left, Belgium's Finance Minister Didier Reynders, Spain's Finance Minister Elena
Salgado, Italian Prime Minister and Finance Minister Mario Monti, Dutch Finance
Minister Jan Kees De Jager, Malta's Finance Minister Tonio Fenech, and German Finance
Minister Wolfgang Schaeuble share a word during a round table meeting of the
eurogroup at the EU Council building in Brussels on Tuesday, Nov. 29, 2011.

Greek Finance Minister Evangelos Venizelos, left, shakes hands with Italian Prime
Minister and Finance Minister Mario Monti during a round table meeting of the
eurogroup at the EU Council building in Brussels on Tuesday, Nov. 29, 2011.

 

Editor:Zhang Rui |Source: CNTV.CN

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