????隨著歐債及銀行業(yè)危機(jī)接近尾聲的希望上升，近幾周市場(chǎng)出現(xiàn)了反彈。但問(wèn)題是，這場(chǎng)危機(jī)遠(yuǎn)未結(jié)束。上周歐元區(qū)全部17個(gè)成員國(guó)批準(zhǔn)對(duì)歐元區(qū)救助基金進(jìn)行擴(kuò)容，但此舉只是努力使歐洲資本市場(chǎng)恢復(fù)正常所需要的第一步。

????真正的難題尚未解決。歐洲銀行業(yè)仍需注資，歐元區(qū)邊緣國(guó)家的主權(quán)債務(wù)需進(jìn)一步削減，新近擴(kuò)容的救助基金需要進(jìn)一步擴(kuò)大規(guī)?！蟠蟪^(guò)現(xiàn)有容量。

????上周末，美國(guó)、中國(guó)等二十國(guó)集團(tuán)（G20）財(cái)長(zhǎng)要求歐洲在本周日前針對(duì)上述所有問(wèn)題制定一個(gè)全面的計(jì)劃。歐洲已經(jīng)接受了這一緊迫的時(shí)間限制，但圍繞如何解決這些棘手問(wèn)題，仍然存在很大分歧。即便歐洲能夠成功提交這份計(jì)劃，它能否在早已對(duì)救助心生厭倦的歐洲民眾新一輪投票中獲得通過(guò)仍是一個(gè)問(wèn)題。

????歐洲危機(jī)已持續(xù)近兩年半，一直沒(méi)有得到解決。期間，市場(chǎng)多次迫使歐洲在一連串的債市和股市恐慌中采取行動(dòng)，最近一次市場(chǎng)恐慌導(dǎo)致8、9月份股市大跌。每次出現(xiàn)恐慌時(shí)，政府都會(huì)采取一些的權(quán)益之計(jì)，甚至只是口頭的承諾，但這些舉措只能算是給一個(gè)汩汩流血的傷口貼上了一張小小的創(chuàng)可貼。

????由于歐元區(qū)領(lǐng)導(dǎo)人有望最終達(dá)成一致行動(dòng)，周一早間歐洲股市延續(xù)兩年來(lái)最大的周漲幅。此輪反彈的中心看來(lái)是上周歐洲金融穩(wěn)定基金（the European Financial Stability Facility）成功擴(kuò)容至4,400億歐元（6,110億美元）的消息。擴(kuò)容一事花了漫長(zhǎng)的3個(gè)月時(shí)間才獲得歐元區(qū)所有17個(gè)成員國(guó)的同意，在此期間市場(chǎng)曾經(jīng)多次處于崩盤(pán)的邊緣。

????不過(guò)，雖然EFSF擴(kuò)容朝著解決危機(jī)邁出了一大步，但不幸的是這只是完成這幅復(fù)雜的經(jīng)濟(jì)拼圖的第一塊。上周末在巴黎開(kāi)會(huì)的二十國(guó)集團(tuán)財(cái)長(zhǎng)和央行行長(zhǎng)們敦促歐洲采取更多行動(dòng)。

希臘問(wèn)題

????Markets have rallied in the last few weeks amid increased hope that the European debt and banking crisis was nearing an end. Trouble is, the crisis is far from over. The passage of the enlarged euro zone bailout fund last week by all 17 euro zone members is just the first step required to bring any sense of normalcy back to the continental capital markets.

????The real hard stuff has yet to be hammered out. European banks still need to be recapitalized, further haircuts are needed on the sovereign debt of the peripheral euro zone nations and the newly enlarged bailout fund needs to get bigger – a lot bigger.

????Over the weekend, the finance ministers of the G20, which includes the United States and China, gave Europe until next Sunday to come up with a plan that addresses all of the above concerns in a comprehensive plan. Europeans have accepted the tight deadline, but there still remain deep divisions as to how to resolve these thorny issues. And even if they are successful, there is doubt as to whether such a plan could withstand another round of voting by the bailout-fatigued European populace.

????The European crisis has been chugging along for almost two-and-a-half years now without resolution. The market has forced the Europeans to act over that time through a myriad of scares in the bond and equity markets, with the latest flare-up sending stocks tumbling in August and September. But each was met by some short-term fix or promise, which was tantamount to putting a small band-aid over a gushing wound.

????The equity markets this morning in Europe extended their greatest weekly gain in the last two years on the hopes that leaders of the euro zone have finally gotten their act together. The centerpiece of this rally appears to be the successful enlargement last week of the European Financial Stability Facility (EFSF) to 440 billion euros ($611 billion). Getting all 17 members to agree to the enlargement took three very long months, in which time the markets were brought to the brink of capitulation on several occasions.

????But while enlarging the EFSF was a big step forward to resolving this crisis, it is unfortunately just the first piece needed to complete this complicated economic puzzle. Meeting in Paris over the weekend, the finance ministers and central bank chiefs of the G20 pushed Europe to do much more.

The Greece problem