本帖最后由 lilyma06 于 2011-10-31 10:38 编辑
【原文标题】Dear China, please buy our debt!XOXO, Europe
【中文标题】亲耐滴中国，来买我们的债券嘛！
【登载媒体】CNN
【来源地址】http://security.blogs.cnn.com/2011/10/19/should-the-u-s-borrow-less-and-tell-china-to-donate-more-aid/
【译 者】yangfuguang
【声 明】欢迎转载，请务必注明译者和出处bbs.m4.cn，谢谢您对论坛的支持！
法国总统尼古拉·萨科齐恐怕不仅仅只是要中国国家主席胡锦涛握着他的手。欧洲想要（也需要）中国给欧洲 金融稳定基金砸钱。
纽约（CNN 财经）——最近尼古拉萨科齐要当父亲了，他显然寻思着中国国家主席胡锦涛能够对这个孩子慷慨点，多给点见面礼，数千亿欧元或者应该是这么多（我没有翻译错吧）？
随着欧洲的领袖们终于在减少希腊债务负担、支持欧洲稳定基金以及为欧洲的银行注资达成一致，关键是，谁有钱呢？
周二，这边布鲁塞尔刚刚达成协议，萨科齐就忙不迭给涛哥打了长途电话。我猜他应该不是向涛哥请教如何在夜里给小孩子什么的换尿片这种牛掰的事情。
根据中国新华社的说法，这两位领导就如何一块引领全球增长交换了意见。但是并没有提到欧洲厚着脸皮要求中国购买欧洲稳定基金的债务。
而且，不仅仅是萨科齐，向中国哭穷的欧洲领导人很多，当然了，都是为了多从中国那里得到钱。克劳斯·雷格林是欧洲金融稳定基金的CEO，据说这哥们正在计划在几天后去中国（也许也要去日本），跟这些可能的买主见面。
为啥要担心欧洲？
你看欧洲心急火燎地想要从亚洲央行要钱就看出来了。一方面，欧洲是中日的贸易伙伴，如果欧洲完了，中日也不会爽。日本，排在中国之后，也对欧洲有投资，据EFSF说，日本已经买了20%该机构的债券。虽然没有中国的确切数据，但是，除日本外，其它亚洲国家也持有可观数目的欧洲金融稳定机构的债券。
因此，今后的投资就是投一便士赚一英镑的戏码，也可能是一欧元，就看你喜欢哪种了。
欧洲金融稳定机构的债券看起来，好像比美国的债券更加诱惑。中国持有1.14万亿，日本持有9370亿元的美国债券。
中国对于美国今夏的国会就债务上限的狗血剧情相当窝火，而且中国也没装逼似地说自己很开心，而且表明对美国已经不那么一往情深深几许。中国尤其不喜欢美国卖弄量化宽松政策和长期低利率，尽管这个利率已经是历史最低了。而且，欧洲的债券信用评级是AAA，这可比美国的要好。
但是，专家表示，中国（或其它主权基金）会赌一下欧洲的债券。
未来会怎么样，谁也说不准。很可能是中国和其它国家会参与救市，但也不是绝对的。也会有些问题，美国圣地亚哥生普利投资集团的固定收益投资顾问Anthony Valeri这样说道。 Anthony Valeri说，尽管中国确实对美投资的金融风险颇具微词，但中国意识到不管标准普尔怎样说，美国的债务还是比欧洲的要风骚些。 他说：“中国需要更多的理由来相信欧洲的债券要比美国的更容易让人心动。在那一天的最后，他们也许依旧认为美国债券是个比较靠谱的投资”。 巴西削减利率，那么中国会是下一个吗？
Bhaskar Chakravorti是塔夫斯大学弗莱切学院的国际贸易与金融的高级副院长，他补充道，中国和其他主权基金有着难以说尽的目标。他们既打着政治小算盘，也有经济上的欲求，因而沟通起来有点让人蛋疼。
Chakravorti说：“对于欧洲，通往美好结局的道路是坎坷的，中国人或许依旧很担心，进而要求政治经济的要求。我确信，德国不会对此激动” 但是Lionel Mellul——纽约自营经纪人，动量贸易伙伴的合伙人——认为中国最后会掏钱的。 但是，他认为这也是意料中的。Mellul认为，这是欧洲多么绝望的信号，也反映了欧洲对意大利和西班牙可能陷入希腊、葡萄牙和爱尔兰这种境遇的极度不淡定。 他说：“这恰表示，欧洲的情况太糟糕，以至于他们要去吸引中国，达成交易。在这件事上，欧洲需要亚洲的伙伴”。 这就意味着，中国和其它潜在投资者有砍价的优势。Mellul说，欧洲要向得到钱，中国可以以要求更有利的贸易条款为代价。
他说：“中国很大可能会掏钱，但是问题是他们会出多少”？
【原文】 With Sarkozy and other European leaders finally reaching a deal to cut Greece's debt load, bolster the broader EU bailout fund and recapitalize the continent's banks, attention now turns to just who will pay for much of the plan.
Once again, the world is hoping China will come to the rescue.
One of the most tantalizing parts of Europe's latest proposal is the creation of a special investment vehicle that would allow sovereign wealth funds to invest in the European Financial Stability Facility (EFSF) bailout fund.
Sarkozy had a phone conversation with Hu after the debt deal was reached in Brussels early Thursday morning. I'm guessing they weren't sharing war stories about late night changes of poopie diapers.
According to a report from Chinese news agency Xinhua, the two leaders spoke about more ways to work together to promote global growth. But there was no mention of China being asked to buy EFSF debt.
Still, it looks like Sarkozy won't be the only European official making a pitch to China for much-needed funding. Klaus Regling, the CEO of the EFSF, is said to be planning a trip to China (and possibly Japan as well) in the next few days to meet with potential investors.
French president Nicolas Sarkozy and Chinese president Hu Jintao may have to do more than shake hands. Europe wants (and needs) China to invest in the EFSF bailout fund.
NEW YORK (CNN Money) -- New dad Nicolas Sarkozy is apparently hoping for a great baby gift from China president Hu Jintao.A couple of hundred billion euro or so should do.
Why you should be worried about Europe
The push to get Asian central banks to invest more in Europe makes perfect sense. For one, the EU is a key export market for both China and Japan. It is not in the best interests of either nation to let Europe sink even deeper into an economic morass.
Japan, and to a lesser extent China, have also already invested in the EFSF. According to figures from the EFSF, Japan owns about 20% of the bonds issued by the EFSF so far. There are no specific figures for China but "Asia-ex Japan" nations are listed as sizeable investors in various EFSF issues as well.
So making further investments may be merely a case of being in for a penny and in for a pound. Or euro if you will.
The EFSF may also be a compelling alternative to U.S. Treasuries. China and Japan are the two largest foreign holders of Uncle Sam's debt, owning $1.14trillion and $937 billion in Treasury bonds respectively.
China has made no secret of its irritation with the U.S. regarding the debt ceiling drama in Congress this summer and how that has impacted China's investments. China also can't be thrilled that the Fed's two rounds of quantitative easing and Operation Twist have left interest rates near historic lows.
And the EFSF bonds have the Triple A stamp of approval from all the major credit rating agencies -- unlike the U.S.
Still, experts said it's not a given that China(or other sovereign wealth funds) will make a big bet on the EFSF.
"This is a big question mark going forward. It's probably likely that China and others will participate, but it's not definite. There is some skepticism," said Anthony Valeri, fixed income investment strategist with LPL Financial in San Diego.
Valeri said that while China does complain about the many fiscal challenges facing the U.S., China realizes that no matter what Standard & Poor's might say, Treasuries are still a better horse to bet on than European bonds.
"China will need a lot of convincing that EFSF bonds are an attractive option for them. At the end of the day, Treasuries may still suit their needs as a safe haven investment," he said.
Brazil cuts rates. Is China next?
And China and other sovereign wealth funds have complicated objectives, added Bhaskar Chakravorti, senior associate dean of International Business and Finance at The Fletcher School at Tufts University.They have political interests as well as financial motives. That could make negotiations difficult.
"The road to a beautiful end game in Europe is paved with potholes. The Chinese will still probably be quite cautious and demand a lot both economically and politically," said Chakravorti. "I'm sure that Germany will not be thrilled about that."
But Lionel Mellul, co-partner with Momentum Trading Partners, an independent broker-dealer in New York, thinks China eventually will make an investment.
Still, he doesn't think that this is necessarily great news. Mellul argues that it's a sign of how desperate Europeis and how nervous leaders are about the possibility that Italy and Spain may also need bailouts like Greece, Portugal and Ireland did.
"It just goes to show how bad the situation is in Europe that they are forced to try and strike a deal withChina. Europe needs Asian participation for this to work," he said.
And that means that China and other potential investors have the bargaining leverage. Mellul said China could make any EFSF purchases contingent on more favorable trade deals, for example.
"China will probably participate, but thequestion is at what cost?" he said.
CNN's Jaime FlorCruz in Beijing contributed to this story.
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