{"id":16603,"date":"2022-10-13T01:06:06","date_gmt":"2022-10-12T23:06:06","guid":{"rendered":"http:\/\/www.infokuryr.cz\/n\/?p=16603"},"modified":"2022-10-12T15:53:00","modified_gmt":"2022-10-12T13:53:00","slug":"medii-ignorovano-existencni-krize-velkych-bank-v-eu","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2022\/10\/13\/medii-ignorovano-existencni-krize-velkych-bank-v-eu\/","title":{"rendered":"M\u00e9dii ignorov\u00e1no: Existen\u010dn\u00ed krize velk\u00fdch bank v EU"},"content":{"rendered":"
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\u017de se nejv\u011bt\u0161\u00edm evropsk\u00fdm bank\u00e1m stejn\u011b neda\u0159\u00ed, je dob\u0159e zn\u00e1mo.\u00a0O tom, jak dramatick\u00e1 situace je, se v\u0161ak v m\u00e9di\u00edch t\u00e9m\u011b\u0159 nikdo nezmi\u0148uje.<\/strong><\/span><\/p>\n

Rusk\u00e1 tiskov\u00e1 agentura TASS zve\u0159ejnila anal\u00fdzu na velmi opom\u00edjen\u00e9 t\u00e9ma: krize v nejv\u011bt\u0161\u00edch bank\u00e1ch EU.\u00a0Proto\u017ee to v m\u00e9di\u00edch t\u00e9m\u011b\u0159 nehraje roli, p\u0159elo\u017eil jsem\u00a0<\/span>anal\u00fdzu TASS<\/span><\/a>\u00a0.<\/span><\/p>\n

Za\u010d\u00e1tek p\u0159ekladu:<\/span><\/strong><\/p>\n

Kdy\u017e se pod\u00edv\u00e1me na krizi v roce 2008: o\u010dek\u00e1v\u00e1me, \u017ee t\u0159i nejv\u011bt\u0161\u00ed evropsk\u00e9 banky zkrachuj\u00ed?<\/span><\/h3>\n

Za\u010d\u00e1tkem \u0159\u00edjna 2022 maj\u00ed st\u0159edn\u011bdob\u00ed investo\u0159i nov\u00fd a v\u00e1\u017en\u00fd d\u016fvod k obav\u00e1m.\u00a0Jde o probl\u00e9my velk\u00fdch evropsk\u00fdch finan\u010dn\u00edch instituc\u00ed Credit Suisse (CS, \u0160v\u00fdcarsko), Societe Generale (GLE, Francie) a Deutsche Bank (DB, N\u011bmecko).<\/span><\/p>\n

Z form\u00e1ln\u00edho hlediska nemus\u00ed b\u00fdt pravd\u011bpodobn\u00fd kolaps n\u00e1rodn\u00edch syst\u00e9mov\u011b v\u00fdznamn\u00fdch finan\u010dn\u00edch instituc\u00ed p\u0159\u00ed\u010dinou nov\u00e9 ekonomick\u00e9 krize region\u00e1ln\u00edch \u010di glob\u00e1ln\u00edch rozm\u011br\u016f.\u00a0Ale ur\u010dit\u011b by to byla p\u0159edzv\u011bst.<\/span><\/p>\n

Pamatuje\u0161 si?<\/span><\/h3>\n

Je t\u0159eba p\u0159ipomenout, \u017ee p\u0159edzv\u011bst\u00ed sv\u011btov\u00e9 finan\u010dn\u00ed krize v roce 2008 byl odchod severoamerick\u00fdch investi\u010dn\u00edch bank Bear Stearns a Lehman Brothers z mezin\u00e1rodn\u00ed finan\u010dn\u00ed sc\u00e9ny.\u00a0Zhruba ve stejn\u00e9 dob\u011b tak\u00e9 zakol\u00edsali giganti jako Fannie Mae a Freddie Mac, nejv\u011bt\u0161\u00ed ameri\u010dt\u00ed hypote\u010dn\u00ed makl\u00e9\u0159i, a American International Group (AIG), nejv\u011bt\u0161\u00ed sv\u011btov\u00e1 poji\u0161\u0165ovna.<\/span><\/p>\n

Posledn\u00ed t\u0159i zm\u00edn\u011bn\u00e9 organizace v\u0161ak byly zachr\u00e1n\u011bny s podporou vl\u00e1dy USA a Fedu, stejn\u011b jako n\u011bkte\u0159\u00ed dal\u0161\u00ed p\u0159edstavitel\u00e9 finan\u010dn\u00edho sektoru v z\u00e1mo\u0159\u00ed.\u00a0St\u00e1l za t\u00edm \u00fadajn\u011b rozumn\u00fd koncept \u201etoo big to fail\u201c.\u00a0Jde o to, \u017ee kumulativn\u00ed multiplika\u010dn\u00ed \u0161kody zp\u016fsoben\u00e9 selh\u00e1n\u00edm syst\u00e9mov\u011b d\u016fle\u017eit\u00fdch spole\u010dnost\u00ed jsou p\u0159\u00edli\u0161 velk\u00e9 na to, aby jim umo\u017enily zkrachovat.<\/span><\/p>\n

V takov\u00e9 situaci se finan\u010dn\u00ed mezery zapl\u0148uj\u00ed p\u0159\u00edmou \u010di nep\u0159\u00edmou podporou st\u00e1tu a centr\u00e1ln\u00ed banky.\u00a0Obchodn\u00ed partne\u0159i probl\u00e9mov\u00fdch spole\u010dnost\u00ed se vyhnou \u00fapadku a odep\u00ed\u0161ou sv\u00e1 posti\u017een\u00e1 aktiva.\u00a0Jej\u00ed vlastn\u00edci a akcion\u00e1\u0159i v\u0161ak nad\u00e1le trp\u00ed ztr\u00e1tami.\u00a0V nejhor\u0161\u00edm p\u0159\u00edpad\u011b jsou ze hry \u00fapln\u011b.<\/span><\/p>\n

V\u00fdvoj ceny akci\u00ed<\/span><\/h3>\n

Vra\u0165me se k sou\u010dasn\u00e9 situaci.\u00a0Ne\u017e se pust\u00edme do probl\u00e9m\u016f nejv\u011bt\u0161\u00edch evropsk\u00fdch bank, stoj\u00ed za to pod\u00edvat se na v\u00fdvoj jejich akci\u00ed.\u00a0To je dobr\u00fd ukazatel velikosti sou\u010dasn\u00fdch rizik.<\/span><\/p>\n

Depozitn\u00ed certifik\u00e1ty \u0161v\u00fdcarsk\u00e9ho finan\u010dn\u00edho konglomer\u00e1tu Credit Suisse Group AG (CS) k\u00f3tovan\u00e9 na NYSE dos\u00e1hly historick\u00e9ho minima 3,70 USD pouze 3. \u0159\u00edjna 2022.\u00a0V tu chv\u00edli m\u011bli hodnotu p\u0159esn\u011b 1\/21 sv\u00e9ho historick\u00e9ho maxima 77,40 $.\u00a0A od konce roku 2021 klesly 2,6x.\u00a0Pozd\u011bji se tyto cenn\u00e9 pap\u00edry dok\u00e1zaly vzpamatovat z extr\u00e9mn\u011b n\u00edzk\u00fdch \u00farovn\u00ed pot\u00e9, co emitent ozn\u00e1mil, \u017ee nakoup\u00ed a\u017e 3 miliardy \u0161v\u00fdcarsk\u00fdch frank\u016f, neboli asi 3 miliardy dolar\u016f, sv\u00fdch vlastn\u00edch dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f na trhu.<\/span><\/p>\n

Dr\u017eitel\u00e9 akci\u00ed Deutsche Bank AG (DB) obchodovan\u00fdch v USA za\u017eili hor\u0161\u00ed \u010dasy b\u011bhem celosv\u011btov\u00e9ho propuknut\u00ed koronaviru na ja\u0159e 2020, kdy cena klesla na 4,99 USD.\u00a0P\u0159esto tyto akcie od konce lo\u0148sk\u00e9ho roku klesly t\u00e9m\u011b\u0159 o 40 procent.\u00a0Na sv\u00e9m vrcholu (140,04 USD) v kv\u011btnu 2007 m\u011bly hodnotu 18n\u00e1sobku jejich sou\u010dasn\u00e9 hodnoty (asi 7,70 USD).<\/span><\/p>\n

Akcie francouzsk\u00e9ho finan\u010dn\u00edho konglomer\u00e1tu Societe Generale (GLE) se 11. \u0159\u00edjna 2022 obchodovaly na evropsk\u00e9 burze Euronext za zhruba 21,30 eur.\u00a0Od konce roku 2021 klesly zhruba o 30 procent.\u00a0Nyn\u00ed stoj\u00ed 6,7 procenta sv\u00e9ho historick\u00e9ho maxima (142,89 eur).\u00a0Jeho historick\u00e9 minimum (10,80 eur) bylo dosa\u017eeno v z\u00e1\u0159\u00ed 2020.\u00a0Tehdy \u010delili agresivn\u00edmu prodeji v d\u016fsledku \u201ekoronavirov\u00e9\u201c paniky na akciov\u00e9m trhu.<\/span><\/p>\n

Jak vid\u00edme, ned\u00e1vn\u00fd pokles v\u0161ech t\u011bchto cenn\u00fdch pap\u00edr\u016f od konce lo\u0148sk\u00e9ho roku a vzhledem k historick\u00fdm maxim\u016fm jasn\u011b ukazuje, \u017ee to pro t\u0159i velk\u00e9 evropsk\u00e9 v\u011b\u0159itele nevypad\u00e1 dob\u0159e.<\/span><\/p>\n

Dal\u0161\u00edm nep\u0159\u00edm\u00fdm indik\u00e1torem hroz\u00edc\u00edch pot\u00ed\u017e\u00ed evropsk\u00fdch bank je n\u00e1r\u016fst hodnoty pojistn\u00fdch n\u00e1stroj\u016f chr\u00e1n\u00edc\u00edch p\u0159ed nespl\u00e1cen\u00edm jejich z\u00e1vazk\u016f (credit default swaps, CDS).\u00a0Za\u010d\u00e1tkem \u0159\u00edjna sazba CDS nazna\u010dovala 23procentn\u00ed \u0161anci, \u017ee Credit Suisse nesplat\u00ed sv\u00e9 dluhopisy do p\u011bti let.<\/span><\/p>\n

Sazba CDS by v\u0161ak nem\u011bla b\u00fdt pova\u017eov\u00e1na za vy\u010derp\u00e1vaj\u00edc\u00ed objektivn\u00ed krit\u00e9rium.\u00a0Tento mechanismus byl ji\u017e p\u0159ed kriz\u00ed v roce 2008 v\u00e1\u017en\u011b chybn\u00fd.\u00a0Tehdy se uk\u00e1zalo, \u017ee v\u00e1\u017een\u00e9 matematick\u00e9 modely nejsou rigidn\u00edm dogmatem pro oce\u0148ov\u00e1n\u00ed t\u011bchto n\u00e1stroj\u016f.<\/span><\/p>\n

Nav\u00edc \u201edve\u0159n\u00ed znak\u201c dne\u0161n\u00edch velk\u00fdch bank \u010dasto skr\u00fdv\u00e1 vysoce rozv\u011btven\u00e9 finan\u010dn\u00ed konglomer\u00e1ty.\u00a0Zku\u0161enosti ukazuj\u00ed, \u017ee v\u00e1\u017en\u00e9 probl\u00e9my v jednotliv\u00fdch bankovn\u00edch \u00fatvarech mohou z\u016fstat skryt\u00e9, dokud je ji\u017e nelze skr\u00fdt.\u00a0V tomto ohledu m\u016f\u017ee pom\u011brn\u011b n\u00edzk\u00e1 sazba CDS vyvolat fale\u0161n\u00fd pocit udr\u017eitelnosti spole\u010dnost\u00ed, kter\u00e9 se pot\u00fdkaj\u00ed s probl\u00e9my.<\/span><\/p>\n

Medi\u00e1ln\u00ed pozad\u00ed<\/span><\/h3>\n

D\u00e1le bychom m\u011bli v\u011bnovat pozornost negativn\u00edmu st\u0159edn\u011bdob\u00e9mu medi\u00e1ln\u00edmu pozad\u00ed, kter\u00e9 se kolem v\u0161ech v\u00fd\u0161e uveden\u00fdch bank vytvo\u0159ilo.\u00a0Nen\u00ed \u017e\u00e1dn\u00fdm tajemstv\u00edm, \u017ee siln\u00e9 pohyby trhu nepot\u0159ebuj\u00ed ov\u011b\u0159en\u00e1 fakta.\u00a0\u010casto sta\u010d\u00ed popla\u0161n\u00e9 zv\u011bsti.<\/span><\/p>\n

Negativn\u00edch zpr\u00e1v o Credit Suisse Bank je v\u00edce ne\u017e dost.\u00a0Organizaci u\u017e zhruba dva roky su\u017euj\u00ed \u010detn\u00e9 skand\u00e1ly a velk\u00e9 ztr\u00e1ty.\u00a0Krom\u011b \u010dist\u011b obchodn\u00edch ne\u00fasp\u011bch\u016f byla spole\u010dnost obvin\u011bna ze \u0161pehov\u00e1n\u00ed sv\u00fdch zam\u011bstnanc\u016f, poru\u0161ov\u00e1n\u00ed koronavirov\u00fdch karant\u00e9n a pran\u00ed \u201e\u0161pinav\u00fdch pen\u011bz\u201c.\u00a0D\u016fv\u011brn\u00e9 informace, kter\u00e9 pros\u00e1kly do m\u00e9di\u00ed a kter\u00e9 byly lidov\u011b \u0159e\u010deno sp\u00ed\u0161e ne\u0161kodn\u00e9ho charakteru, padly na \u00farodnou p\u016fdu.<\/span><\/p>\n

Jde o intern\u00ed dopis gener\u00e1ln\u00edho \u0159editele Credit Suisse Ulricha Kernera.\u00a0P\u0159ed zve\u0159ejn\u011bn\u00edm pl\u00e1nu restrukturalizace banky dne 27. \u0159\u00edjna cht\u011bl nejvy\u0161\u0161\u00ed p\u0159edstavitel uklidnit a potrestat zam\u011bstnance.\u00a0To bylo ozn\u00e1meno v p\u00e1tek 30. z\u00e1\u0159\u00ed.\u00a0Na za\u010d\u00e1tku nov\u00e9ho obchodn\u00edho t\u00fddne se \u0161\u00ed\u0159ily f\u00e1my, \u017ee veden\u00ed banky kontaktovalo kl\u00ed\u010dov\u00e9 z\u00e1kazn\u00edky a obchodn\u00ed partnery, aby je ujistilo o stabilit\u011b spole\u010dnosti.<\/span><\/p>\n

Investo\u0159i a spekulanti brali tyto sign\u00e1ly jako \u0161patn\u00e9 znamen\u00ed.\u00a0Podobn\u011b se p\u0159ed jej\u00edm krachem chovalo i veden\u00ed investi\u010dn\u00ed banky Bear Stearns.\u00a0Tentokr\u00e1t byl st\u00e1dn\u00ed instinkt mnoha mal\u00fdch obchodn\u00edk\u016f v pln\u00e9m proudu.\u00a0Panika se okam\u017eit\u011b roz\u0161\u00ed\u0159ila mezi velk\u00e9 mno\u017estv\u00ed soukrom\u00fdch investor\u016f prost\u0159ednictv\u00edm soci\u00e1ln\u00edch s\u00edt\u00ed a odborn\u00fdch f\u00f3r.\u00a0N\u00e1sleduj\u00edc\u00ed pond\u011bl\u00ed se akcie CS dostaly na nov\u00e9 historick\u00e9 minimum.\u00a0Do konce t\u00fddne v\u0161ak ji\u017e vzrostly o 31 procent.<\/span><\/p>\n

Posledn\u00ed z\u00e1\u0159ijov\u00fd den, kdy se o Credit Suisse za\u010daly \u0161u\u0161kat, ve\u0161la ve zn\u00e1most i chystan\u00e1 v\u00fdm\u011bna gener\u00e1ln\u00edho \u0159editele francouzsk\u00e9 finan\u010dn\u00ed skupiny Societe Generale.\u00a0Slawomir Krupa nahrad\u00ed Fr\u00e9d\u00e9rica Oudeu v kv\u011btnu 2023.\u00a0Je tak\u00e9 mo\u017en\u00e9, \u017ee se tak stane mnohem d\u0159\u00edve.<\/span><\/p>\n

Jm\u00e9no Slawomira Krupy je spojeno s \u00fasp\u011b\u0161n\u00fdm zvl\u00e1dnut\u00edm krize zp\u016fsoben\u00e9 obrovskou ztr\u00e1tou ve v\u00fd\u0161i 4,9 miliardy EUR v d\u016fsledku nedbal\u00e9ho jedn\u00e1n\u00ed bankovn\u00edho obchodn\u00edka Jerome Kervela v roce 2008.\u00a0Kv\u016fli t\u00e9to situaci byla Societe Generale ji\u017e na pokraji bankrotu.<\/span><\/p>\n

Tento p\u0159\u00edb\u011bh v\u0161ak nen\u00ed tak jednoduch\u00fd a jasn\u00fd.\u00a0V n\u00e1sledn\u00e9m soudn\u00edm sporu byl ne\u0161\u0165astn\u00fd obchodn\u00edk vyzv\u00e1n, aby bance uhradil u\u0161lou \u010d\u00e1stku v pln\u00e9 v\u00fd\u0161i.\u00a0V roce 2016 se mu poda\u0159ilo z\u00edskat od sv\u00e9ho b\u00fdval\u00e9ho zam\u011bstnavatele 450 000 eur jako kompenzaci za \u201enespravedliv\u00e9 propu\u0161t\u011bn\u00ed\u201c.\u00a0Bance se nepoda\u0159ilo prok\u00e1zat, \u017ee jej\u00ed vlastn\u00ed obchodn\u00edk byl do \u0159\u00edzen\u00ed zcela ne\u00fa\u010dast.<\/span><\/p>\n

Nen\u00ed pochyb o tom, \u017ee tento p\u0159\u00edb\u011bh zasad\u00ed v\u00e1\u017enou dlouhodobou r\u00e1nu kapitalizaci a pov\u011bsti skupiny Soci\u00e9t\u00e9 G\u00e9n\u00e9rale.\u00a0Byl to tak\u00e9 dal\u0161\u00ed p\u0159\u00edklad tendence finan\u010dn\u00edch firem dr\u017eet spory co nejv\u00edce pod kobercem.<\/span><\/p>\n

Posledn\u00edm skand\u00e1lem kolem skupiny byla obvin\u011bn\u00ed, \u017ee jej\u00ed brazilsk\u00e1 pobo\u010dka manipulovala sm\u011bnn\u00e9 kurzy.\u00a0Za zm\u00ednku tak\u00e9 stoj\u00ed, \u017ee Soci\u00e9t\u00e9 G\u00e9n\u00e9rale vyk\u00e1zala na konci druh\u00e9ho \u010dtvrtlet\u00ed roku 2022 \u010distou ztr\u00e1tu ve v\u00fd\u0161i 1,48 miliardy eur, co\u017e bylo zp\u016fsobeno vysok\u00fdmi odpisy souvisej\u00edc\u00edmi s nal\u00e9hav\u00fdm prodejem rusk\u00fdch aktiv.<\/span><\/p>\n

V\u00e1\u017en\u00e9 probl\u00e9my Deutsche Bank, nejv\u011bt\u0161\u00edho v\u011b\u0159itele EU, maj\u00ed tak\u00e9 ko\u0159eny ve star\u00e9 glob\u00e1ln\u00ed finan\u010dn\u00ed krizi z roku 2008. \u0158\u00edk\u00e1 se j\u00ed tak\u00e9 nejv\u011bt\u0161\u00ed probl\u00e9m glob\u00e1ln\u00edho finan\u010dn\u00edho syst\u00e9mu.\u00a0Krom\u011b \u010dist\u011b tr\u017en\u00edch ztr\u00e1t zp\u016fsoben\u00fdch \u0161patn\u00fdmi investicemi a \u201etoxick\u00fdmi\u201c aktivy ve sv\u00e9 rozvaze je banka spojov\u00e1na s \u0159adou finan\u010dn\u00edch skand\u00e1l\u016f.\u00a0Jde o obvykl\u00e1 obvin\u011bn\u00ed z manipulace s trhem, pran\u00ed \u0161pinav\u00fdch pen\u011bz a poru\u0161ov\u00e1n\u00ed mezin\u00e1rodn\u00edch sankc\u00ed uvalen\u00fdch Spojen\u00fdmi st\u00e1ty na finan\u010dn\u00ed spole\u010dnosti.<\/span><\/p>\n

Za\u010d\u00e1tkem roku 2017 nap\u0159\u00edklad Deutsche Bank souhlasila s t\u00edm, \u017ee americk\u00fdm \u00fa\u0159ad\u016fm zaplat\u00ed pokuty a kompenzace za prodej probl\u00e9mov\u00fdch hypote\u010dn\u00edch z\u00e1stavn\u00edch list\u016f p\u0159ed kriz\u00ed v roce 2008 ve v\u00fd\u0161i 7,2 miliardy dolar\u016f.\u00a0Stoj\u00ed za p\u0159ipomenut\u00ed, \u017ee Deutsche Bank z\u016fst\u00e1v\u00e1 nejv\u011bt\u0161\u00edm dr\u017eitelem probl\u00e9mov\u00fdch st\u00e1tn\u00edch dluhopis\u016f EU.<\/span><\/p>\n

V polovin\u011b roku 2022 byla Deutsche Bank v re\u017eimu \u00fasporn\u00fdch opat\u0159en\u00ed a sni\u017eov\u00e1n\u00ed po\u010dtu pracovn\u00edch m\u00edst, aby na\u0161la finan\u010dn\u00ed rovnov\u00e1hu.\u00a0Abychom porozum\u011bli finan\u010dn\u00ed situaci spole\u010dnosti, posta\u010d\u00ed uv\u00e9st, \u017ee n\u011bkte\u0159\u00ed jej\u00ed vrcholn\u00ed mana\u017ee\u0159i byli po\u017e\u00e1d\u00e1ni, aby se vzdali sv\u00fdch m\u011bs\u00ed\u010dn\u00edch plat\u016f, aby zachr\u00e1nili spole\u010dnost p\u0159ed bankrotem.<\/span><\/p>\n

Ne\u010dekanou vn\u011bj\u0161\u00ed ranou, kter\u00e1 spustila dal\u0161\u00ed v\u00fdprodej akci\u00ed DB, byla zpr\u00e1va o sabot\u00e1\u017ei podmo\u0159sk\u00fdch ropovod\u016f Nord Stream 1 a Nord Stream 2, kter\u00e9 se vzdalovaly od n\u011bmeck\u00e9 a evropsk\u00e9 ekonomiky.<\/span><\/p>\n

Uzav\u00edr\u00e1n\u00ed finan\u010dn\u00edch mezer<\/span><\/h3>\n

Jak vid\u00edte, dlouhodob\u00e9 finan\u010dn\u00ed probl\u00e9my Credit Suisse, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale a Deutsche Bank jsou nyn\u00ed prohlubov\u00e1ny nar\u016fstaj\u00edc\u00ed region\u00e1ln\u00ed energetickou kriz\u00ed a geopolitickou nestabilitou ve v\u00fdchodn\u00ed Evrop\u011b.\u00a0U\u017e tak slo\u017eitou situaci v evropsk\u00e9m bankovn\u00edm sektoru zhor\u0161il cyklus zvy\u0161ov\u00e1n\u00ed \u00farokov\u00fdch sazeb ze strany ECB.\u00a0Sou\u010dasn\u00e1 \u00fav\u011brov\u00e1 krize nedovol\u00ed bank\u00e1m zaplnit sv\u00e9 finan\u010dn\u00ed mezery st\u00e1le levn\u011bj\u0161\u00edmi \u00fav\u011bry jako obvykle.<\/span><\/p>\n

Up\u0159\u00edmn\u011b \u0159e\u010deno, vzhledem ke zhor\u0161uj\u00edc\u00edm se ekonomick\u00fdm podm\u00ednk\u00e1m vypadaj\u00ed st\u0159edn\u011bdob\u00e9 vyhl\u00eddky v\u0161ech t\u0159\u00ed finan\u010dn\u00edch konglomer\u00e1t\u016f t\u00e9m\u011b\u0159 bez\u00fat\u011b\u0161n\u011b.\u00a0V takov\u00e9m sc\u00e9n\u00e1\u0159i by situaci mohl zachr\u00e1nit pouze v\u011b\u0159itel posledn\u00ed instance, jako je ECB.\u00a0Zn\u00e1rodn\u011bn\u00ed nebo restrukturalizace s podporou n\u00e1rodn\u00edch vl\u00e1d by mohla b\u00fdt dal\u0161\u00ed mo\u017enost\u00ed, jak probl\u00e9m zm\u00edrnit.<\/span><\/p>\n

Nesm\u00edme v\u0161ak zapom\u00ednat, \u017ee v\u0161echny t\u0159i problematick\u00e9 finan\u010dn\u00ed instituce jsou na celosv\u011btov\u00e9m seznamu syst\u00e9mov\u011b d\u016fle\u017eit\u00fdch bank (G-SIB).\u00a0Banky za\u0159azen\u00e9 do tohoto seznamu by v p\u0159\u00edpad\u011b v\u00e1\u017en\u00fdch probl\u00e9m\u016f m\u011bly dostat bezpodm\u00edne\u010dnou podporu, a to i na st\u00e1tn\u00ed \u00farovni.<\/span><\/p>\n

Na z\u00e1klad\u011b toho bych neo\u010dek\u00e1val, \u017ee Credit Suisse, Societe Generale a Deutsche Bank v n\u00e1sleduj\u00edc\u00edch m\u011bs\u00edc\u00edch a letech zkrachuj\u00ed.\u00a0M\u00edsto toho by m\u011bly doj\u00edt k z\u00e1chrann\u00fdm pokus\u016fm ze strany ECB a evropsk\u00fdch vl\u00e1d.\u00a0Takov\u00fd sc\u00e9n\u00e1\u0159 v\u0161ak nen\u00ed z\u00e1rukou, \u017ee akcie probl\u00e9mov\u00fdch bank budou st\u00e1le n\u011bco st\u00e1t a budou se s nimi nad\u00e1le obchodovat na burz\u00e1ch.<\/span><\/p>\n

Nakonec je t\u0159eba poznamenat, \u017ee osv\u011bd\u010den\u00fd makroekonomick\u00fd koncept \u201etoo big to fail\u201c n\u00e1hle z\u00edskal novou barvu s ozn\u00e1men\u00edm nositel\u016f Nobelovy ceny za ekonomii pro rok 2022.\u00a0Jedn\u00edm z nositel\u016f Nobelovy ceny je notoricky zn\u00e1m\u00fd Ben Bernanke.\u00a0Akademick\u00e1 z\u00e1sluha b\u00fdval\u00e9ho p\u0159edsedy Fedu spo\u010d\u00edv\u00e1 v tom, \u017ee prok\u00e1zal z\u00e1sadn\u00ed v\u00fdznam vyh\u00fdb\u00e1n\u00ed se krachu bank pro ekonomiku v dob\u00e1ch recese a deprese.<\/span><\/p>\n

konec p\u0159ekladu<\/strong><\/em><\/p>\n

Thomas R\u00f6per<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u017de se nejv\u011bt\u0161\u00edm evropsk\u00fdm bank\u00e1m stejn\u011b neda\u0159\u00ed, je dob\u0159e zn\u00e1mo.\u00a0O tom, jak dramatick\u00e1 situace je,…<\/p>\n","protected":false},"author":2,"featured_media":16604,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[1042,935,503,41,371],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/16603"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=16603"}],"version-history":[{"count":1,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/16603\/revisions"}],"predecessor-version":[{"id":16605,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/16603\/revisions\/16605"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/16604"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=16603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=16603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=16603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}