{"id":4666,"date":"2012-06-20T03:05:40","date_gmt":"2012-06-20T07:05:40","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=4666"},"modified":"2012-06-20T03:05:40","modified_gmt":"2012-06-20T07:05:40","slug":"which-eurobonds-by-jeffrey-frankel-project-syndicate","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/20\/which-eurobonds-by-jeffrey-frankel-project-syndicate\/","title":{"rendered":""Which Eurobonds?" by Jeffrey Frankel | Project Syndicate"},"content":{"rendered":"

Jeffrey Frankel<\/strong>: Ever since 1841, the market requires that US states running up questionable levels of debt pay an interest-rate premium to compensate for the default risk. By contrast, Greece and the eurozone\u2019s other heavy borrowers were able to borrow at interest rates that had fallen to virtually the same level as German Bunds. Had the ECB operated from the outset under a rule prohibiting it from accepting SGP-noncompliant countries\u2019 debt as collateral, the entire eurozone sovereign-debt problem might have been avoided….<\/p>\n

The version of Eurobonds that might work as the missing long-term enforcement mechanism is almost the reverse of the Germans\u2019 ERF proposal: the \u201cblue bonds\u201d proposed two years ago by Jacques Delpla and Jakob von Weizs\u00e4cker. Under this plan, only debt issued by national authorities below the 60%-of-GDP threshold could receive eurozone backing and seniority. When a country issued debt above the threshold, the resulting \u201cred bonds\u201d would lose this status……market interest rates would provide the discipline that bureaucrats in Brussels cannot.<\/p>\n

via "Which Eurobonds?" by Jeffrey Frankel | Project Syndicate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Jeffrey Frankel: Ever since 1841, the market requires that US states running up questionable levels of debt pay an interest-rate premium to compensate for the default risk. By contrast, Greece and the eurozone\u2019s other heavy borrowers were able to borrow at interest rates that had fallen to virtually the same level as German Bunds. Had … <\/p>\n

Continue reading “"Which Eurobonds?" by Jeffrey Frankel | Project Syndicate”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33],"tags":[1299],"class_list":["post-4666","post","type-post","status-publish","format-standard","hentry","category-uk-europe-countries-regions","tag-eurobonds"],"yoast_head":"\n"Which Eurobonds?" by Jeffrey Frankel | Project Syndicate - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\""Which Eurobonds?" by Jeffrey Frankel | Project Syndicate - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Jeffrey Frankel: Ever since 1841, the market requires that US states running up questionable levels of debt pay an interest-rate premium to compensate for the default risk. By contrast, Greece and the eurozone\u2019s other heavy borrowers were able to borrow at interest rates that had fallen to virtually the same level as German Bunds. 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Chancellor Merkel says that\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2441,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/29\/the-german-hour-jean-pisani-ferry-project-syndicate\/","url_meta":{"origin":4666,"position":1},"title":"The German Hour – Jean Pisani-Ferry – Project Syndicate","author":"ColinTwiggs","date":"November 29, 2011","format":false,"excerpt":"Germany should be bold and use its leverage to offer a new contract to its eurozone partners: mutual guarantee of part of their public debt in exchange for strict debt limits and a new legal order in which a eurozone authority can veto an enacted budget even before it is\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2351,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/24\/merkel-rejects-rapid-action-on-the-euro-nytimes-com\/","url_meta":{"origin":4666,"position":2},"title":"Merkel Rejects Rapid Action on the Euro – NYTimes.com","author":"ColinTwiggs","date":"November 24, 2011","format":false,"excerpt":"PARIS \u2014 Quashing recent speculation of a softening in Germany\u2019s hard-line stance on the euro, Chancellor Angela Merkel repeated on Thursday her firm opposition either to bonds issued jointly by the euro zone countries or to an expansion of the role of the European Central Bank as quick responses to\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4726,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/29\/debt-crisis-germany-caves-in-over-bond-buying-bank-aid-after-italy-and-spain-threaten-to-block-everything-telegraph\/","url_meta":{"origin":4666,"position":3},"title":"Debt crisis: Germany caves in over bond buying, bank aid after Italy and Spain threaten to block 'everything' – Telegraph","author":"Colin Twiggs","date":"June 29, 2012","format":false,"excerpt":"Bruno Waterfield: On Thursday night, Italy and Spain plunged an EU summit into disarray by threatening to block \u201ceverything\u201d unless Germany and other eurozone countries backed their demands for help......Under the deal, Spanish banks will be recapitalised directly by allowing a \u20ac100 billion EU bailout to [be] transferred off Spain\u2019s\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10937,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/21\/pikettys-missing-rentiers-by-jeffrey-frankel-project-syndicate\/","url_meta":{"origin":4666,"position":4},"title":"Piketty\u2019s Missing Rentiers by Jeffrey Frankel | Project Syndicate","author":"ColinTwiggs","date":"September 21, 2014","format":false,"excerpt":"From Jeffrey Frankel: It is true that capital\u2019s share of income interest, dividends, and capital gains rose gradually in major rich countries during the period 1975-2007, while labor\u2019s share wages and salaries fell, a trend that would support Piketty\u2019s hypothesis if it continued..... But interest rates have been at all-time\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1607,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/europes-punishment-union-ambrose-evans-pritchard\/","url_meta":{"origin":4666,"position":5},"title":"Europe\u2019s Punishment Union \u2013 Ambrose Evans-Pritchard","author":"ColinTwiggs","date":"October 27, 2011","format":false,"excerpt":"As Sir John Major wrote this morning in the FT, this does not solve EMU\u2019s fundamental problem, which is the 30pc gap in competitiveness between North and South, and Germany\u2019s colossal intra-EMU trade surplus at the expense of Club Med deficit states. It is therefore unlikely to succeed. It means\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4666","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=4666"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4666\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=4666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=4666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=4666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}