Meanwhile, the credit crunch in the eurozone periphery is intensifying: thanks to the ECB long-term cheap loans, banks there don’t have a liquidity problem now, but they do have a massive capital shortage. Faced with the difficulty of meeting their 9% capital-ratio requirement, they will achieve the target by selling assets and contracting credit – not exactly an ideal scenario for economic recovery.
与此同时，欧元区外围的信贷动荡正在加剧：拜欧洲央行长期低息贷款所赐，外围国银行现在不会有流动性问题，但却存在大规模资本短缺。外围国银行难以达到9%资本充足率的要求，只能变卖资产、收缩信用来满足，这可不是经济复苏的好兆头。