世界同時株安 ギリシャ危機の飛び火を防げ

The Yomiuri Shimbun (May. 9, 2010)
Prevent Greek crisis from spreading further
世界同時株安　ギリシャ危機の飛び火を防げ（5月8日付・読売社説）

Financial markets around the world are still shaken by the troubles in Greece, even though European countries and the International Monetary Fund have decided to extend financial assistance of up to A110 billion (about 13 trillion yen) to the country, which is struggling with a serious fiscal crisis.
　欧州各国と国際通貨基金（ＩＭＦ）が、深刻な財政危機にあえぐギリシャに、最大１１００億ユーロ（約１３兆円）の支援を決めたというのに、世界の金融市場で動揺が続いている。

Selling ballooned on the New York Stock Exchange on Thursday, mainly due to fears over the adverse effects of Greece's fiscal deficit. This, coupled with a sudden plunge in the market that is believed to have been caused by a trader who mistyped an order to sell a large block of shares, briefly pushed the Dow Jones industrial average below 10,000.
　６日のニューヨーク市場は、ギリシャなどの財政赤字を懸念する売りが膨らんだ。誤発注による相場急落も重なり、ダウ平均株価は一時、１万ドルの大台を割った。

Affected by the New York sentiment, the Tokyo market was down across the board Friday, causing the Nikkei Stock Average to drop more than 400 points at one point.
　これを受けた７日の東京市場は全面安となり、平均株価の下げ幅は一時、４００円を超えた。

Other major Asian markets such as Shanghai and Hong Kong also plunged, a situation that could be dubbed a spontaneous global market crash.
　上海や香港など、アジアの主要市場も軒並み下落し、世界同時株安の様相を見せている。

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Not 'fire on the opposite shore'

Even for Japan, the European-born trouble for which Greece is basically responsible cannot be considered a "fire on the other side of the river," a Japanese expression for events that can be observed casually. Japan too needs to be on high alert, so as not to be burned by sparks drifting over from the crisis.
　ギリシャから始まった欧州発の混乱は、日本にとって決して「対岸の火事」ではない。危機の飛び火でやけどする恐れはないのか、警戒が必要である。

The assistance package from the IMF and the European Union is being extended on the condition that Greece implement measures to rebuild its public finances, including raising the rate of its value-added tax and of its taxes on luxury items, and cutting the salaries of public employees.
　ギリシャに対するＩＭＦなどの支援は、ギリシャ政府が付加価値税と物品税の引き上げや、公務員給与の削減などで、財政を立て直すことが条件だ。

However, citizen demonstrations opposing the measures have intensified and even resulted in deaths. The chaos over fiscal rehabilitation within the very country at the center of the problem has been growing serious.
　ところが、これに反対する市民のデモが激化し、死者も出た。肝心のギリシャ国内が、財政再建を巡って混迷を深めている。

Within the countries who decided to extend a helping hand, including Germany, prevailing public opinion is against the increased burden expected to result from the aid package. This has begun to fray the unity within the eurozone toward resolving the problem.
　ドイツなど、支援する側の国でも、支援による負担増加に反発する世論が根強く、ユーロ圏の結束がほころび始めている。

The Greek crisis has had a ripple effect in markets in Spain and Portugal, which hold huge fiscal debts similar to that of Greece. People strongly fear confidence in the single currency of the euro may be undermined. Such psychological anxiety probably hit the stock markets hard.
　市場では、ギリシャと並んで財政赤字が大きいスペインやポルトガルにも危機が波及して、単一通貨・ユーロの信認が揺らぎかねないとの懸念も強い。こうした不安心理が株価を直撃したようだ。

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G-20 too optimistic

The Group of 20 meeting of finance ministers and central bank governors held in April in the United States did not probe deeply into the Greek fiscal problem.
　４月に米国で開かれた世界２０か国・地域財務相・中央銀行総裁会議（Ｇ２０）は、ギリシャの財政問題にさほど踏み込まなかった。

The finance chiefs may have concluded the problem should be left to the IMF and eurozone nations. We think this judgment was too optimistic.
　ＩＭＦとユーロ圏各国に任せておけばいいと判断したようだが、認識が甘かったのではないか。

Speculators may have taken advantage of this opportunity. Group of Seven and G-20 nations hereafter need to formulate countermeasures to deal with the situation more seriously.
　こうしたスキを今回、市場の投機筋に突かれたと言える。Ｇ７やＧ２０は今後、真剣に対策を練る必要があろう。

Japan, still anxious over its own struggle toward economic recovery, also has a worsening fiscal problem.
　景気に不安を抱える日本は、財政悪化も深刻だ。

Ninety-five percent of its national bonds are held in a stable manner by domestic investors, a situation quite different from Greece, where 70 percent of its national bonds are held by overseas investors.
日本の国債は９５％が国内で安定的に消化されており、７割を海外の投資家が所有するギリシャ国債と事情は違う。

However, the Greek economic chaos was triggered as its national bond rating was lowered. This country should see the Greek crisis as a valuable lesson to avoid a similar outcome.
　だが、ギリシャの経済混乱は、国債の格付けが引き下げられたことがきっかけだ。日本も二の舞いにならないよう、他山の石としなければならない。

What is most hurting the Japanese economy's confidence is the economic policy of the administration of Prime Minister Yukio Hatoyama, which continues to dole out huge funds without showing a clear road map for fiscal rehabilitation. This needs to be addressed first.
　日本経済の信認を最も傷つけているのは、財政再建の道筋も示さず、ばらまきを続ける鳩山政権の経済政策である。まず、ここから改めねばならない。

(From The Yomiuri Shimbun, May 8, 2010)
（2010年5月8日01時07分 読売新聞）