The European Central Bank is backing away from any “big bazooka”-style intervention to revive lending in the eurozone, delivering a blow to market hopes of ambitious action.
Small and medium-sized businesses, which form the backbone of the Spanish and Italian economies, have seen their borrowing costs rise to unaffordable levels during the crisis, while interest rates charged to their German counterparts are near record lows, reflecting the ECB’s rates.
This credit crunch, first revealed by the ECB’s own data, has become one of the most visible examples of financial fragmentation in the 17-nation eurozone, prompting calls for action.
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