Lars Feld: Frankreich wankt – und Investoren bewerten Deutschland völlig neu
Die deutsche Schuldenquote wirkt im europäischen Vergleich harmlos. Doch Frankreichs Krise zeigt, wie schnell die Bonität zum entscheidenden Faktor werden kann. Ein Gastbeitrag.
In the past week, bond markets have been marked by nervousness. At week's end, yields for French 10-year government bonds were around 4.9%, compared to 5.24% for U.S. 10-year bonds, 5.5% for the UK, and 3% for Japan's. Despite France's higher debt-to-GDP ratio, it yields higher interest rates than Italy or Greece. However, Greece's national debt continues to decline, and Italy has managed to keep its debt-to-GDP ratio stable.
On the other hand, France's debt dynamics are extremely high, and the French government shows no willingness to implement even modest consolidation measures. This growing fear of a renewed sovereign debt crisis in Europe is gradual, as this time, it involves a large country with massive debt levels in absolute terms. After 2009, smaller member states were absorbed during the EU debt crisis.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
