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I bisticci nell’Eurozona sono un problema per le azioni, non per le obbligazioni [EN]

I bisticci nell’Eurozona sono un problema per le azioni, non per le obbligazioni [EN]

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A cura di @Temp.

Un articolo del Wall Street Journal (link alternativo) spiega che insistere sulla disciplina fiscale in Italia costituisce un problema per la crescita a lungo termine, tendenza che si ripercuoterebbe sul mercato azionario in modo più marcato rispetto a quello obbligazionario.

The eurozone’s problem has always been about economic growth, not deficits. Between the year 2000 and now, the total amount of Italian government debt has actually expanded at a much slower pace than its peers, thanks to smaller deficits. Italian figures only look worrisome as a percentage of output because the country’s economic performance since joining the euro has been so dismal.

To be sure, Italy’s debt pile as a share of output was already very high when it joined the euro. But Portugal’s is now almost as large, with Spain and France not far behind. And none of these countries have any actual risk of defaulting as long as the European Central Bank stands behind them.
Public debts rarely come down by slashing government spending: Countries rely on outgrowing them.


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