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.
歐洲銀行正遭受連綿不斷的沖擊。然而，是誰在吃掉他們的午餐呢？歐洲銀行最新遭遇的挫折，是穆迪投資者服務(Moody’s Investors Service)把近90%歐洲銀行的次級債列入了可能下調評級的觀察名單。這不足為奇：歐洲當政者為這些債務提供支持的意愿或能力都十分有限，更遑論債券持有人。然而，穆迪的警告突顯出，隨著銀行紛紛削減風險加權資產以滿足新資本規定，加之他們難以為那些資產籌集資金，歐洲可能面臨一場信貸緊縮。
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