????上周，歐洲領(lǐng)導(dǎo)人召開緊急峰會，商討拯救歐元之策。即便如此，很多歐洲銀行仍在忙于出售數(shù)以萬億歐元計的資產(chǎn)進(jìn)行瘦身。不過，雖然歐洲銀行業(yè)為了強(qiáng)化資產(chǎn)負(fù)債表和遵守新的資本金監(jiān)管規(guī)定，看來迫不及待地希望出售資產(chǎn)，但似乎他們還不愿減價出售良性資產(chǎn)，那些希望撿便宜的投資者暫時還不能如愿。

????不過，涉及到不良資產(chǎn)時銀行家們看來還是愿意配合的。低價購入此類不良資產(chǎn)的美國對沖基金和其他投資公司有望獲得不錯的回報率，當(dāng)然，前提是他們愿意承擔(dān)相關(guān)的風(fēng)險。

????在布魯塞爾，歐洲領(lǐng)導(dǎo)人們正在彌合分歧，希望能穩(wěn)住危機(jī)重重的銀行業(yè)和債券市場。上周四晚間，德國同意放棄“私營部門參與救助（PSI）”提議；該提議原本擬規(guī)定，如果一個國家獲得歐元區(qū)救助，持有該國主權(quán)債券的投資者就必須接受資產(chǎn)大幅減值。

????這個消息給歐洲銀行業(yè)（其中一些銀行屬于主權(quán)債券最大的持有者行列）送上了一份好禮。截至去年年底，歐洲排名前十的大銀行總計持有約2,260億歐元的主權(quán)債券。現(xiàn)在，這些銀行只需按國際貨幣基金組織（International Monetary Fund）之前救助希臘、葡萄牙和愛爾蘭時達(dá)成的約定進(jìn)行主權(quán)債券的減值。這使得歐洲人設(shè)立5,000億歐元救助基金的時間表得以前移，他們希望這個基金能穩(wěn)定債券市場。不過，雖然銀行業(yè)獲得了這一利好，他們要扭轉(zhuǎn)自己的命運仍有很長的路要走。

??? Even as European leaders convened this week an emergency summit to save the euro, European banks were busy trying to offload trillions of euros worth of assets in a bid to slim down. But while the banks may appear desperate to sell in order to fortify their balance sheets and comply with new capital restrictions, they don't seem willing to take a bath on their performing assets just yet, frustrating willing buyers hunting for an easy deal.

????Nevertheless, bankers do seem willing to play ball when it comes to their impaired assets. Hedge funds and other investment firms here in the U.S. stand to make some sweet returns buying up those impaired assets at distressed prices - if they are willing to absorb the risk.

????In Brussels, European leaders are hashing out their differences in order to stabilize their crippled banking sector and sputtering debt market. Last night, Germany agreed to drop a provision that would have forced investors to take large haircuts on their sovereign debt holdings if the country that issued the debt is bailed out by the eurozone, something known as private-sector involvement, or PSI.

????This appears to be a gift to the European banking sector, which includes some of the largest holders of sovereign debt. The top 10 European banks held around 226 billion euros of the stuff at the end of last year. The banks will now only be required to mark down their holdings to levels previously agreed to with the International Monetary Fund in its bailouts of Greece, Portugal and Ireland. This has allowed the Europeans to move up the time-table to launch their 500 billion euro bailout fund, which they hope will bring stability to the debt markets. But while the banks have won a victory here, they still have a long way to go if they want to see their fortunes turn around.