It’s the banks, stupid. The European Union cannot fix its sovereign debt problem without a holistic solution that quells investors’ concerns about banks. For as long as they believe that the bloc’s banks are undercapitalised, addicted to European Central Bank funding, and dangerously exposed to weak eurozone sovereign risks, investors will stick to the sidelines. Procrastinating governments in the weakest peripheral economies have helped ensure that sovereign risk concerns crowd out all else in investors’ views of the region’s banks. But, as Portugal teeters, can it really damage Europe’s banks?
真够笨的，问题的关键是银行。拿不出一套整体解决方案，打消投资者对银行的忧虑，欧盟(EU)是无法解决其主权债务问题的。只要投资者认为，欧盟内的银行资本金不足、沉迷于欧洲央行(ECB)的注资、对欧元区弱国主权债务风险的敞口过大，他们就会坚持离场观望。最脆弱的欧元区外围manbetx20客户端下载 体的政府拖拖拉拉，让投资者无暇顾及欧元区银行的其它所有问题，一心关注主权债务风险。葡萄牙摇摇欲坠，但葡萄牙真的能伤害到欧洲的银行吗？