Kamu Borc Stoku Surdurulebilirligi ve Euro Bolgesi Borc Krizi

Ahmet Degerli and Gursu Keles

CBT Research Notes in Economics from Research and Monetary Policy Department, Central Bank of the Republic of Turkey

Abstract: [TR] Euro bolgesi cevre ulkelerinde baslayan borc sorununun, 2011 yili Temmuz ayi itibariyla faiz oranlarindaki belirgin artis neticesinde kisa vadede borc cevirme sorunu olmayan Italya’da ve goreli olarak olumlu bir mali performansa sahip Ispanya’da daha cok hissedilmeye baslamasi bircok cevrede kaygi uyandirmistir. Avrupa Merkez Bankasi’ni (AMB) parasal sikilastirma icerisindeyken tahvil alimina iten sebepler ne olabilir? Mali performansi iyi durumda olmasina ragmen yatirimcilari Ispanya hakkinda endiselendiren sey nedir? Muhtemel ortak tahvil ihracinin borc krizi uzerine etkileri ne olabilir? Bu notta bu sorulara cevap bulmak amaciyla kisa ve orta vadede ortaya konan cozumlerin altinda yatan sebepler irdelenmekte, uzun vadede ise Euro bolgesini ortak para birimi kullanmasi sebebiyle bekleyen sorunlar kisaca degerlendirilmektedir. [EN] Following the marked increase in interest rates, spreading of Eurozone debt crisis, which initially started in the peripheral countries, across Italy, with no short-term debt roll-over problem, and Spain, with sound fiscal figures, has stirred up anxiety in various mediums. What is the rationale for European Central Bank to intervene and buy bonds of these countries in the midst of a monetary tightening? What makes market participants worry about Spain, which has sound debt and fiscal figures? What might be the consequences of a possible joint bond issuance upon the debt crisis? This note aims to answer these questions by scrutinizing the reasoning behind the short and medium term measures taken by European authorities and underlying long term problems related to using single currency.

Date: 2011
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