????棘手的是這些資產如何估值。估得太高，就吸引不到投資者。估得太低，西班牙政府就需要拿出更多的現金來彌補損失。如果市場認可西班牙的解決方案，那么政府借貸成本就能下降，銀行可以重啟放貸。希望的是通過緊縮政策，西班牙政府將能實現預算盈余，可用于彌補這些貸款損失。

????但為了減輕西班牙政府的負擔，Caja需要保持小規模，即便倒閉，也不會引起太大的亂子。西班牙將承擔存款人的損失，但不必承擔貸款損失，以節約寶貴的資金。西班牙政府越早搞明白這一點，就能越早重振其銀行業。

????譯者：早稻米

????The tricky part would be the valuation of the assets. If it's too high, it won't attract investors. But if it's too low, then the Spanish government will need to come up with more cash to cover the losses. If the market buys Spain's solution then government borrowing costs would fall and the banks would be free to lend again. The hope is through austerity, the Spanish government will be able to generate a surplus that will cover the loan losses.

????But to lower the Spanish government's burden, the cajas need to stay small so that they can fail without creating much of a ruckus. While Spain would cover depositor's losses, they wouldn't have to cover the loan losses, saving precious capital. The sooner the Spanish government realizes this, the sooner it can get its banking sector back on its feet.