Impact on the Asian debt crisis in Europe geometry?.

<P> The shadow of the international financial crisis has not gone to Greece, Spain, Portugal and other European countries, representatives of the sovereign debt crisis for the global economy into a panic again. .To prevent further spread of the crisis, a series of unprecedented measures to rescue the market to be implemented. .These measures can eliminate the debt crisis spread to the liquidity and solvency of banks sovereign bankruptcy? .European sovereign debt crisis on Asian economies and capital markets, the impact of what geometry? .</ P> <P> 5 26, three economists Citigroup - Citigroup Global Chief Economist WillemBuiter, global emerging markets economist at DavidLubin and Barbara Tsai, chief economist for Asia gathered in Beijing to .the issue expressed their views. .</ P> <P> rescue is an important step to ensure the stability of the euro zone </ P> <P> "the European Union, the International Monetary Fund and the European Central Bank has recently taken a series of targeted initiatives to stabilize the financial system in Europe is to ensure that the euro .District continued existence and stability of an important step, I believe the euro zone will continue to survive. "WillemBuiter said. .</ P> <P> rescue by the euro-zone countries, including joint initiatives to provide 500 billion euros, and the IMF to provide 250 billion euros and established mechanisms for European stability. .WillemBuiter that the establishment of mechanisms for European stability and after a series of measures to temporarily eliminate the problem of liquidity crisis spread to the sovereign debt crisis of solvency concerns, and bank failures, but there are still a lot of measures need to be further improved. .</ P> <P> He suggested that European stability mechanism can be extended to more areas and make it a permanent mechanism, in addition, obtained through the assistance of the European stability mechanism must be added a clear, credible and full of the terms of binding .and to ensure that these provisions will be strictly enforced. .</ P> <P> eurozone crisis on Central and Eastern Europe the most influential </ P> <P> "Overall, the Central and Eastern European countries, the crisis of the sensitivity of the euro area than in other emerging countries." DavidLubin said ., high competitiveness, low public debt, Western banks and do not want to withdraw from the lower position, and relatively closed economy will be relatively strong performance. .In these respects, Poland, Romania, Hungary and Ukraine, the situation is relatively better. .</ P> <P> Barbara Tsai also believes that the government's fiscal austerity and tight money in the banking system will be possible to further drag down the economic development of the euro area, but the impact of the Asian countries, has yet to appear. .</ P> <P> DavidLubin analysis, sovereign debt crisis will spread through three channels. .Contagion "financial" channels mainly in the European banking industry, position in Eastern Europe; "real" channels of trade channels that export growth is the main threat; "theme" channels through the capital market so that investors avoid or sell short, high debt .Central and Eastern European countries. .</ P> <P> "in the three channels, the 'financial' channels the greatest impact, minimal impact is the 'theme' channel." DavidLubin that, fortunately, since the collapse of Lehman Brothers since the Central and Eastern Europe .dependence of foreign credit has decreased, after the outbreak of the crisis, with the exception of Hungary outside of Central and Eastern European countries, public debt remains low. .In addition, the need to distinguish between market reaction and the reaction of the real economy. .Reaction stage in the market, investors sell high-risk assets is often not, but the hands held, which led to panic spread. .The current stage is still the market reaction. .12 </ p>.