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Stoyanov, Nikolay

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Kapital - Bulgaria | 08/08/2011

Stable countries pay the bill

The risks for the Eurozone are far from being banished by the ECB's buying up government bonds, warns the weekly Kapital, because they will only be carried over onto the other euro countries: "As yields on Spanish and Italian state bonds drop, those on the German and French will inevitably rise. The financial markets are already indicating that the ECB will have to recapitalise if the crisis worsens and this will come at the cost of the more stable economies whose ratings on the financial markets would be suddenly downgraded, due to the tremendous pressure on their budgets. And while Germany remains an island of stability and no one doubts their AAA rating, this can hardly be said of countries like France. They face a similar fate to the US which has recently lost one if its As."

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