西班牙应当让小银行倒闭

    棘手的是这些资产如何估值。估得太高，就吸引不到投资者。估得太低，西班牙政府就需要拿出更多的现金来弥补损失。如果市场认可西班牙的解决方案，那么政府借贷成本就能下降，银行可以重启放贷。希望的是通过紧缩政策，西班牙政府将能实现预算盈余，可用于弥补这些贷款损失。

    但为了减轻西班牙政府的负担，Caja需要保持小规模，即便倒闭，也不会引起太大的乱子。西班牙将承担存款人的损失，但不必承担贷款损失，以节约宝贵的资金。西班牙政府越早搞明白这一点，就能越早重振其银行业。

    译者：早稻米

    The tricky part would be the valuation of the assets. If it's too high, it won't attract investors. But if it's too low, then the Spanish government will need to come up with more cash to cover the losses. If the market buys Spain's solution then government borrowing costs would fall and the banks would be free to lend again. The hope is through austerity, the Spanish government will be able to generate a surplus that will cover the loan losses.

    But to lower the Spanish government's burden, the cajas need to stay small so that they can fail without creating much of a ruckus. While Spain would cover depositor's losses, they wouldn't have to cover the loan losses, saving precious capital. The sooner the Spanish government realizes this, the sooner it can get its banking sector back on its feet.