J.P. Morgan Asset Management: The Weekly Brief

01.07.2013 16:47 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management: The Weekly Brief

Die Debatte darüber, ob Sparmassnahmen oder Wachstum die Lösung sind, ist noch nicht vom Tisch. In Italien setzte die ehemalige Regierung Montis auf die Schuldenstabilisierung, und die Staatsverschuldung sank auf unter 3%. Dies verlieh Italien wieder Bonität; die Kosten der staatlichen Kreditaufnahme fielen drastisch. Das BIP geht dennoch weiter zurück. Die neue Regierung unter der Führung von Enrico Letta verabschiedete wichtige Massnahmen zur Beseitigung von Hindernissen, die einer Erholung im Wege stehen, darunter finanzielle Mittel für KMU, Investitionen in die Infrastruktur und Arbeitsbeschaffungsmassnahmen. Unter anderem wurden Haushaltsausgaben gekürzt und verstärkt Absicherungen gegen Hypothekenausfälle getroffen. Diese positiven Initiativen signalisieren einen allmählichen Übergang von Sparmassnahmen zur Expansion und dürften dazu beitragen, eine Rezession in einem der grossen europäischen Staaten abzuwenden.

–Paola Toschi

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