After emotional votes, Slovakia should by Friday have finally ratified the expansion of the European financial stability facility, as Germany has already done. According to its revised statutes, the EFSF 2.0 will be armed with guarantees of €726bn and equipped with a broader arsenal of weapons to fight Europe’s sovereign debt crisis. The revised EFSF can raise some €440bn in market funding at AAA terms, which it can then deploy either for direct loans to eligible states, to buy their bonds in the market or to recapitalise banks. That is good but it is not enough.
與德國一樣，在激動人心的投票之後，斯洛伐克上週五終於通過了歐洲金融穩定安排(European Financial Stability Facility，簡稱EFSF)的擴容方案。根據修訂後的條款，EFSF 2.0版本將獲得7260億歐元的擔保，並配備更加多樣化的武器彈藥來迎戰歐洲主權債務危機。改進後的EFSF可以AAA條件在市場上融資約4400億歐元，至於這些資金，它可以選擇向符合條件的國家發放直接貸款，用於在市場上收購它們的國債，或者對銀行進行資本重組。這很不錯，但還不夠。