Wereldwijd vluchten professionele beleggers uit Zuid Europees staatspapier en banken. Hierdoor kunnen acute fundingsproblemen ontstaan en dreigt de interbancaire geldmarkt op te drogen. Dat schrijft de New York Times zondag. Nederlandse pensioenfondsen "verkopen massaal de afgelopen dagen", aldus de krant. En zelfs het 'veilige' Rabobank wordt getroffen door de kapitaalvlucht.
Van de NewYorkTimes.com:
The flight from European sovereign debt and banks has spanned the globe. European institutions like the Royal Bank of Scotland and pension funds in the Netherlands have been heavy sellers in recent days. And earlier this month, Kokusai Asset Management in Japan unloaded nearly $1 billion in Italian debt.
At the same time, American institutions are pulling back on loans to even the sturdiest banks in Europe. When a $300 million certificate of deposit held by Vanguard’s $114 billion Prime Money Market Fund from Rabobank in the Netherlands came due on Nov. 9, Vanguard decided to let the loan expire and move the money out of Europe. Rabobank enjoys a AAA-credit rating and is considered one of the strongest banks in the world.
American money market funds, long a key supplier of dollars to European banks through short-term loans, have also become nervous. Fund managers have cut their holdings of notes issued by euro zone banks by $261 billion from around its peak in May, a 54 percent drop, according to JPMorgan Chase research.
'Full-blown bank and sovereign debt panic'
Ook Henry Blodget van Business Insider vreest een ‘run’ uit Europa:
Whether the Euro survives, and how, is something that will likely take several years to work out. The much more immediate crisis--and the way this week went, it may be a VERY immediate crisis--is whether the Eurozone can stave off a full-blown bank and sovereign debt panic.
The temporary solution that everyone is focused on is for the European Central Bank to step in and buy hundreds of billions of dollars of European sovereign debt to get rates down and keep them down. Importantly, this solution it would not be easy or problem-free. It also wouldn't be permanent.
Foto: Joost van Kuppeveld