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Chief Economist at Nomura Europe

Peter Westaway, "The market will pressure on Spain if shifts its way "

London 06.05.2011 R. Casado 0

Peter Westaway is a best-known economists of the City of London. After 13 years at the Bank of England, was hired in 2009 by Nomura in the process of European expansion of the Japanese bank.

Westaway's view, "it appears that the worst is over in the European sovereign debt crisis," but warns that "there are some unresolved issues that could lead to new episodes of market volatility." The chief economist at Nomura Europe considers that Spain has managed to break away from the fate of Greece, Ireland and Portugal through "a combination of factors: actions taken by the English Government, as the austerity plan, economic reforms and restructuring financial sector, and actions taken at European level, saying he will do whatever it takes to keep the monetary union. "

addition, Westaway, adding that "some investors do not realize that the English economy is more than construction and real estate. Its exports are growing. "

However, the economist at Nomura believes Spain can not afford to save. "One thing we've learned in this crisis is that if the markets lose confidence in a country, a liquidity crisis can become a self fulfilling prophecy. To avoid this risk, the English government is going in the right direction and appears to be broad consensus policy on the measures taken, but a change in this direction could lead to new pressure from the markets. "

What I expected Peter Westaway is a debt restructuring in Greece, but not in Portugal and Ireland. "Greece could buy back the bonds are held by the European Central Bank (ECB). Could be done at a price equivalent to 75% of the nominal value of bonds, and the ECB would not lose money because they bought them the same price. " Puncture