The difference between the two schemes is that mine would provide instant relief to Italy and Spain. By contrast, the LTRO allows Italian and Spanish banks to engage in a very profitable and practically riskless arbitrage, but has kept government bonds hovering on the edge of a precipice – although the last few days brought some relief.
欧洲当局拒绝了我的计划，采用了“长期再融资操作”。这两个方案的不同之处在于，我的方案能够立即为意大利和西班牙纾困。相比之下，“长期再融资操作”能够让意大利和西班牙各银行参与利润丰厚、实际上毫无风险的套利活动，却让政府债券的收益率徘徊在危险的边缘——尽管最后一段时间会有所缓解。