スペイン支援 欧州危機の連鎖を食い止めよ

The Yomiuri Shimbun (Jun. 14, 2012)
Eurozone must act quickly to halt financial crisis
スペイン支援　欧州危機の連鎖を食い止めよ（6月13日付・読売社説）

The Spanish economy, the fourth largest in the eurozone, has deteriorated because of a business slump that followed the collapse of a property bubble. This forced the country to seek a financial bailout.
　ユーロ圏第４位の経済規模であるスペインが、不動産バブル崩壊後の経済不振で、金融支援を仰ぐ事態に発展した。

Spain is the fourth eurozone nation following Greece, Ireland and Portugal to seek financial help since the European sovereign debt crisis began in 2009.
　２００９年に欧州債務危機が表面化してから、ギリシャ、アイルランド、ポルトガルに次いで４か国目である。

If the Spanish crisis spreads, it may trigger further chaos in world stock markets, including those in United States, Europe and Japan, and the yen will continue strengthening against the euro. These developments will deal a serious blow to the world economy.
　スペイン危機が拡大すれば、欧米や日本など世界の株式市場は一段と混乱し、ユーロ安・円高にも歯止めがかからなくなる。世界経済に深刻な打撃を与えよう。

The debt crisis has repeatedly affected Europe because of its failure to take prompt action. The current crisis must be contained quickly.
　欧州は対応が後手に回り、危機を繰り返してきた。今度こそ、危機を早急に封じ込めるべきだ。

Seventeen eurozone countries have agreed to lend up to 100 billion euros (about 10 trillion yen) to Spanish banks, which are beset by huge bad debts. Loans from the European Financial Stability Facility, among other entities, will be used to help recapitalize struggling Spanish banks to halt credit uncertainty.
　ユーロを導入している１７か国は巨額の不良債権を抱えたスペインの銀行に最大１０００億ユーロ（約１０兆円）を支援する。欧州金融安定基金（ＥＦＳＦ）などの資金で銀行の資本を増強し、信用不安の収束を目指す方針である。

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Preemptive measure

Bankia S.A., a major Spanish bank mired in a management crisis, had asked the Spanish government to bail it out by injecting public funds. But the government, already struggling to fix its fiscal mess, could not afford to provide funds.
　経営危機に陥った大手銀行バンキアは公的資金注入をスペイン政府に要請したが、財政が火の車の政府には救済する余裕はない。

Realizing the Spanish government would not be able to rescue Bankia and other Spanish banks by itself, the 17-member eurozone decided to provide financial aid as a preemptive measure. We consider this decision reasonable.
　その他の問題銀行を含め、政府による自力救済は難しいとユーロ圏が判断し、「予防的措置」として支援を決めたのは妥当だ。

Greece, which triggered the European debt crisis, will hold another election Sunday. If an antiausterity leftist party joins a new government after the election, it cannot be ruled out that Greece will break away from the eurozone. This would inevitably cause turmoil.
　１７日には、欧州危機の震源地・ギリシャで再選挙が行われる。財政緊縮に反対する左派が新政権入りすれば、ギリシャのユーロ離脱も現実になりかねない。そうなると大混乱は必至だろう。

Ahead of the Greek election, the eurozone joined hands to address the Spanish crisis to prevent it from disrupting financial markets.
　ギリシャの再選挙前に、ユーロ圏は結束してスペイン問題に対処する方針を打ち出し、市場の動揺を防ぐことを狙ったようだ。

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Outlook uncertain

However, uncertain prospects lie ahead.
　だが、先行きは不透明だ。

The eurozone has agreed on a broad framework of bailout plans for Spain but concrete details and the exact amount of rescue loans have been left pending. Besides working out concrete measures quickly and implementing them promptly, the eurozone also must tackle the realignment of financial institutions.
　ユーロ圏による支援の大枠が決まったとは言え、支援方法や金額は未定である。具体策を急ぎ、迅速に実行すべきだ。金融機関の再編にも取り組んでもらいたい。

While it still grapples with the bursting of the property bubble, Spain is expected to record minus economic growth this year and next. The amount of Spanish banks' nonperforming loans is expected to balloon further due to the protracted business slump. It remains to be seen whether the size of the eurozone's financial assistance will be adequate for dealing with the Spanish crisis.
　バブル崩壊の後遺症に苦しむスペインは、今年、来年とマイナス成長に低迷する見込みだ。不況の長期化に伴って、銀行の不良債権額がさらに膨らむだろう。ユーロ圏が想定する支援規模で十分かどうかは予断できない。

Assistance to Spain will be limited to the banking sector. Therefore, the country probably will not be asked by the eurozone to work out additional fiscal reconstruction measures.
　スペインへの支援は銀行部門に限定されるため、ギリシャのように、ユーロ圏から追加的な財政再建策は要求されない見通しだ。

But fiscal rehabilitation and economic growth are both indispensable for economic rejuvenation. Spain faces a tough challenge.
　ただし、経済再生には財政再建と経済成長の両立が欠かせない。スペインにとっては難題だ。

The European financial crisis will be a major item on the agenda of a summit meeting of the Group of 20 economies to be held in Mexico next week. Pressure is expected to mount on Germany and France, among other countries, to display leadership and unity to end the crisis.
　欧州問題は、来週メキシコで開かれる主要２０か国・地域（Ｇ２０）首脳会議の最大の焦点となる。独仏両国などに対し、危機収束の実行力と結束を求める圧力が強まることは避けられまい。

(From The Yomiuri Shimbun, June 13, 2012)
（2012年6月13日01時02分 読売新聞）