Und nochmal die Schuldenprobleme in der EU

Die schlechten Nachrichten von den Märkten für Staatsanleihen aufgreifend, findet sich heute ein weiterer Artikel zu den Schuldenproblemen der EU-Wackelkandidaten in der NYT:

When interest rates soared last week on Irish government bonds, it served as a grim warning to other indebted nations of how difficult and even politically ruinous it could be to roll back decades of public sector largess.

An Irish bond market already in free fall plunged further after Ireland announced on Thursday that it planned to nearly double its package of spending cuts and tax increases to try to rein in its huge deficit. Investors took it not as a sign of resolve but rather of Ireland’s desperation and uncertainty about the true extent of its problems.

The yield on Ireland’s 10-year bond climbed to 7.6 percent on Friday, expanding the gap with the 2.5 percent interest rate on comparable bonds issued by Germany, which is emerging most strongly from the European debt crisis.

Borrowing costs in Spain, Portugal and Greece also spiked upward again, as investor concern re-emerged that those countries would be hard-pressed to bring their deficits under control and avoid defaulting on their bonds. [...]

Within Europe, though, the more immediate concerns involve Ireland. Its debt woes have stoked fear that it might even need to follow Greece and request a bailout from the European Union and the International Monetary Fund. Such a move could do lasting damage to Ireland’s credit standing.

Schlechte Nachrichten von den Märkten für Staatsanleihen

Die Financial Times berichtet:

Borrowing costs for Ireland and Portugal shot up as investors took fright at European proposals to force them to take a greater share of losses in future state bail-outs.

The moves in the bond markets on Monday follow agreement at last week’s European Union summit on a Franco-German proposal on a mechanism to resolve future Greek-style sovereign debt crises.

Ireland saw the premium it pays over German benchmark interest rates rise to 4.67 percentage points, while the yield on its 10-year bonds reached 7.14 per cent, up 0.22 percentage points. Both the premium and the yield set new records since the introduction of the euro.

Meanwhile, Portugal’s yield rose 0.16 percentage points to 6.11 per cent, while Greece and Spain saw smaller rises and European banking shares fell sharply in a broadly flat market.

Das Bestreben zur Erneuerung des EU-Stabilitätspaktes wird auf den Anleihenmärkten offensichtlich nicht sehr erfreut aufgenommen. Ich frage mich allerdings: Was müsste überhaupt passieren, um das Schuldenruder bei den im Artikel genannten Ländern nochmal herumzureißen? Die Sparpakete, die sich Irland und Griechenland bereits verordnet haben, sind definitiv auch keine Heilsbringer.