liquidez ou solvência

O grande problema dos PIIGS não é de liquidez, é um problema de solvência. O BCE resolveu temporariamente o problema da liquidez, mas a questão da solvência permanece inalterada.

Uma explicação detalhada de Wolfgang Münchau, hoje no FT

The same applies here. We know now that Greece, Portugal and Spain will always be able to refinance their government debt, but the long-term solvency position of the Spanish state remains unchanged. The private sector is massively indebted. The prices of assets that serve as collateral are still falling. The Spanish government, as guarantor of the banking sector, will be lumbered with rising debts at a time of stagnating economic growth. We should remember that solvency is not primarily related to financial markets’ willingness to lend. That’s liquidity. You are solvent when you can stabilise your debt as a proportion of income. Southern Europe’s solvency position is thus unaffected by the billions.