Besteed de ECB beleid uit?

[Cees Binkhorst]

REPLY TO: D66 at nic.surfnet.nl

Willem Buiter schrijft op
http://blogs.ft.com/maverecon/2009/01/sovereign-default-in-the-eurozone-and-the-breakup-of-the-eurozone-sloppy-thinking-101/#more-416
o.a.:

The actual downgrade today of the Greek sovereign debt rating by Standard
& Poor’s from A to A minus, only five days after the country was put on
credit watch by the same rating agency, will no doubt increase both the
level of the Greek sovereign default risk premium and the spread over
Bunds of the Greek sovereign 10-year bond yield.

The ECB has adopted the (self-imposed) rule that it will not accept as
collateral in repos and at the marginal lending facility (its discount
window) sovereign debt rated lower than A minus.  If the ECB/Eurosystem
stick to this rule, the next downgrade of Greek sovereign debt could have
a major impact on the Greek government’s marginal funding costs. The three
countries remaining on credit watch - Ireland, Portugal and Spain - are
likely to suffer actual downgrades in their credit ratings in the very
near future.  It is surprising to me that Italy has not even been put on a
negative outlook as yet.  I expect this will not be long in coming as the
eurozone economies continue to deteriorate, increasing government
deficits, and rising default risk spreads undo the beneficial effect on
sovereign funding costs of declining risk-free interest rates.

Betekent dit niet dat de ECB een fors deel van zijn beleid uitbesteedt aan
de mensen die ook al die CDO´s zo keurig beoordeelden?

Groet / Cees

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