The onslaught on European banks is unremitting. But who is eating their lunch? In the latest setback for banks in Europe, Moody’s Investors Service has put the subordinated debt of nearly 90 of them under review for a possible downgrade. No surprises there: European sovereigns have limited appetite or ability to support them, let alone bondholders. But the warning highlights the risk of a European credit crunch as banks shrink risk-weighted assets to meet new capital rules and as they struggle to fund those assets.
欧洲银行正遭受连绵不断的冲击。然而，是谁在吃掉他们的午餐呢？欧洲银行最新遭遇的挫折，是穆迪投资者服务(Moody’s Investors Service)把近90%欧洲银行的次级债列入了可能下调评级的观察名单。这不足为奇：欧洲当政者为这些债务提供支持的意愿或能力都十分有限，更遑论债券持有人。然而，穆迪的警告突显出，随着银行纷纷削减风险加权资产以满足新资本规定，加之他们难以为那些资产筹集资金，欧洲可能面临一场信贷紧缩。
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