No entretanto, daquele lado, como deste lado do oceano, o sistema financeiro não continua bem, ou talvez dito de outra forma, não estará a cumprir devidamente o seu papel. Veja-se esta descrição da situação:
FT.com Willem Buiter’s Maverecon Re-lend it or lose it:
"In Slovenia I have been told that the banks are both solvent and liquid. I have no way to verify the solvency claim. Based on my observations of the universal ’bankers’ Dance of the Seven Veils’ - where a deeper financial hole is revealed every time a veil is dropped - my benchmark position is that there is no such thing as a ’stand-alone’ solvent cross-border bank in the north Atlantic area any longer.
All those that keep their head above water do so because of the explicit or implicit financial support of the state, which now has effectively underwritten their balance sheet. But given the capital injections, guarantees and other forms of financial support extended by the state, a lot of banks are liquid and capable of lending. They refuse to do so.
Where just a year and a half ago, hubris, recklessness, overconfidence and rampant optimism ruled, we now have fear bordering on panic, total lack of confidence, timidity and pessimism verging on institutional clinical depression. The loan officers are brow-beaten and rendered impotent by internal risk controllers. The bean counters are in charge. ‘What you don’t lend, you can’t lose’ is the new micro-prudential ethic.
The macroeconomic consequences of this lending paralysis are potentially disastrous. It could turn a global recession into a global depression, with many years of stagnation and cumulative declines of GDP of 10 percent or more."
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