欧州首脳会議 危機対策に市場の目は厳しい

The Yomiuri Shimbun (Oct. 26, 2011)
Investors not fully reassured by moves to settle Greek crisis
欧州首脳会議　危機対策に市場の目は厳しい（10月25日付・読売社説）

Leaders of eurozone nations have moved a step closer to settling the region's financial crisis after reaching a broad agreement on a set of measures to prevent the crisis from spreading further--although their actions were slow and taken reluctantly.
　欧州が重い腰を上げ、金融危機の拡大を封じ込める包括策で大筋合意したのは一歩前進だ。

However, the leaders still face a long, winding road to conquer the crisis and dispel the market's anxiety.
　しかし、危機を克服し、市場の不安を払拭する道のりは険しい。

It is necessary for them to work on the details of issues left unresolved and act promptly in dealing with the crisis.
欧州は積み残した課題を詰め、迅速に行動することが求められよう。

At the recent summit meeting, leaders of the European Union and 17 eurozone countries discussed measures to settle the debt crisis of Greece, the nation where the trouble first broke out before spilling over to other European nations, as well as measures to prevent the crisis from spreading to still more countries.
　欧州連合（ＥＵ）とユーロ圏１７か国の首脳会議は、発端となったギリシャ危機の収束と、波及防止策を協議し、

After difficult negotiations, the countries have drawn up some remedies.
難航した末、ひとまず処方箋をまとめた。

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'Managed default'

The measures have three pillars: bank recapitalization, significant reduction of Greece's debt burden and reinforcement of the European Financial Stability Facility (EFSF).
　大筋合意した包括策は、銀行の資本増強、ギリシャ債務の大幅削減、欧州金融安定基金（ＥＦＳＦ）の強化が３本柱である。

The eurozone leaders have decided to ask banks that own Greek government bonds for a recapitalization of more than 100 billion euros (about 10.5 trillion yen), which seems to be appropriate for the time being.
　ギリシャ国債を保有する銀行に総額１０００億ユーロ（約１０兆５０００億円）超の資本増強を要請することになった。当面の措置としては妥当だろう。

At the same time, the leaders will ask banks to bear further burdens to relieve Greece's debt problems, such as giving up 50 percent to 60 percent of the Greek government bond principal they have.
　その一方、ギリシャの債務削減では、国債元本の５０～６０％カットを軸に、銀行に追加負担を求める。

This measure is a de facto approval of Greece making a virtual default on its debts to some degree, as it is now apparent that the country lacks the ability to repay.
返済能力を欠くギリシャの事実上のデフォルト（債務不履行）を容認するものと言える。

In July, eurozone monetary authorities announced results of stress tests on major eurozone banks, but the assessment was too lenient.
　欧州当局が７月に公表した銀行のストレステスト（特別検査）は甘く、

One particular problem is that the tests failed to check deterioration of bank assets caused by the rapid price fall of Greek government bonds.
急落するギリシャ国債による資産劣化を十分にチェックしなかったのは問題だった。

This time, bank recapitalization will be conducted to prepare for debt relief for the Greek government and the expected further price fall of the country's bonds--a process that seems like a "managed default."
　これに対し、あらかじめ銀行資本を強化し、ギリシャの債務カットや国債下落に対応できるようにする今回の措置は、「管理されたデフォルト」に相当する。

We hope the measures will contribute to preventing markets from panicking and to stabilizing the financial system.
市場の混乱を防ぎ、金融システム安定に役立つことを期待したい。

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Investors still skeptical

It will be an encouraging message to the investment market that eurozone leaders have agreed to strengthen the EFSF, an institution that supports eurozone nations marred by fiscal deficits, and to move forward the launch of the European Stability Mechanism, envisaged as a European version of the International Monetary Fund.
　欧州各首脳が、域内の財政赤字国を支援するＥＦＳＦをさらに強化すると合意した点や、欧州版の国際通貨基金（ＩＭＦ）である「欧州安定メカニズム（ＥＳＭ）」の設立前倒しも、市場へのメッセージとなろう。

However, as the Greek crisis has already triggered credit uncertainty regarding Italian and Spanish bonds, it is unclear whether the measures agreed by eurozone leaders will be enough to deal with the financial crisis.
　だが、ギリシャ危機がイタリアやスペインなどの信用不安に広がる中、こうした包括策で十分に対応できるかは予断を許さない。

Market players still worry that the amount of bank recapitalization is too small.
　銀行の資本増強規模が少額すぎるとの懸念が市場でくすぶり、

The process of recapitalization also remains unclear, and it is uncertain whether the banks would agree to the significant reduction of Greece's debt burden.
増強策の手順もあいまいだ。ギリシャ債務の大幅カットに銀行が応じるかどうかも不透明である。

If eurozone leaders decide to ask for the financial help of the IMF to strengthen the EFSF, it will provoke angry responses from Japan, the United States and emerging economies that want the eurozone nations to step up their self-help efforts to deal with the financial crisis.
　欧州がＥＦＳＦを強化する方策として、ＩＭＦの支援を求めた場合、欧州の一層の自助努力を求める日米や新興国などからの反発が予想されよう。

Market players are looking with icy disapproval at the eurozone nations, whose measures against the financial crisis have always been one step behind.
　危機対応が後手に回ってきた欧州に対し、市場の見方は厳しい。

Eurozone leaders need to specify the details of the agreed measures against the crisis at the next summit meeting Wednesday and present the details at the Group of 20 summit meeting of major economies scheduled early next month.
欧州は２６日に改めて開く首脳会議で、包括策をより具体化させ、来月上旬の主要２０か国・地域（Ｇ２０）首脳会議に示すべきだ。

(From The Yomiuri Shimbun, Oct. 25, 2011)
（2011年10月25日01時05分 読売新聞）