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Fitch2010年全球主权投资回顾与展望
Sovereigns
Special Report Sovereign Review and Outlook
Contrasting Credit Outlook–Negative for“Advanced
Economy”Sovereigns; Positive for Emerging Markets
Contributors Euro Area Systemic Crisis
David Riley It is likely that there will be further episodes of extreme market volatility and a risk
+44 20 3530 1175 that more euro area member states (EAMS) may be forced to seek financial support
david.riley@
from the EU and IMF. Moreover, the dramatic deterioration in market access and
Robert Shearman funding conditions for several EAMS is eroding their sovereign credit fundamentals
+44 20 3530 1352
robert.shearman@ as the cost of borrowing approaches levels that in the long‐run are not consistent
with public debt stabilisation in light of medium‐term growth prospects.
Global Economics
Maria Malas‐Mroueh Until economic adjustment and recovery are secure, especially in the so‐called
+44 20 3530 1081
maria.malas‐mroueh@ peripheral EAMS, confidence in the sustainability of public finances and bank asset
quality will remain fragile and credit profiles will deteriorate, placing further
Kit Ling Yeung downward pressure on bank and sovereign ratings.
+44 20 3530 1527
Kitling.yeung@
The epicentre of the 2007‐2009 financial crisis was
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