La deuda externa de España creció en 2011 hasta un récord de 1,78 billones
El BCE salva a España al financiar ya el 10% del total a cierre de año
La posición negativa de inversión internacional roza el billón de euros
スペインの2011年の対外債務は、1兆7750億0000'0000ユーロ(約195兆0000'0000'0000円)にものぼる
Spain's foreign debt rose in 2011 to a record 1.78 trillion
The ECB saves Spain to finance for 10% of the total at year end
The international investment position slashing negative one billion euros
Miguel Jimenez Madrid 10 ABR 2012 - 00:51 CET
The ECB saves Spain to finance for 10% of the total at year end
The international investment position slashing negative one billion euros
Miguel Jimenez Madrid 10 ABR 2012 - 00:51 CET
The European Central Bank (ECB) has become the savior of the Spanish economy. The bank requests the issuing agency indicating already came, but the latest figures from Spain's external debt reflected starkly. The presiding body financed Mario Draghi at the end of 2011, 10% of total Spanish debt, which ended 2011 with an annual maximum of 1.775 billion, according to figures just released by the Bank of Spain. It's disturbing statistical reflection of the distrust of Spain between international investors and is quoted daily in the markets.
The volume of Spanish debt now accounts for 165.4% of gross domestic product (GDP), one of the highest levels worldwide. External debt includes all outstanding payments to the outside of principal and interest. Includes both public and private debt. In fact, the bulk of external debt is private and only 16% public.
Source: Bank of Spain. / COUNTRY
In times of financial crisis, the Spanish foreign debt is one of the key factors of concern to international investors. Current account deficit in the balance of payments, Spain needs foreign money to finance its economy and to get refinancing the debt maturities that. It is one of the big differences with Italy, which has a greater volume of domestic savings to finance its debt, both public and private.
The external debt had fallen in 2010 for the first time in a decade by reducing the current account deficit, capital repatriation and sale of assets by the private sector. That was interpreted as a sign that the economy was beginning to react and correct imbalances. In 2011, according to figures just released by the Bank of Spain, not only external debt increased again, but the most worrying aspect is the increasing dependence of the monetary authority.
Before the crisis, private investment was enough left over to finance and external debt Spanish. When they got problems, banks began to turn increasingly to the ECB. But it has been in the last year, when the crisis of confidence has blinded the traditional funding streams and the ECB has opened the bar free long-term liquidity, when the use of money has skyrocketed. The share of debt financed by the monetary authority has increased from 51,323 to 175,360 million in one year, which has risen from less than 3% to almost 10% of total Spanish debt.
The bank indebtedness prevents flow of credit to the economy
The ECB funding comes through the Eurosystem via Bank of Spain to make requests of liquidity in the financial institutions issuing bank auctions. But in the external debt statistics appear separate from the debt of financial institutions with other investors. That money goes to banks and has served in part to meet maturities and interest payments of institutions themselves and partly to buy government debt, which explains why the financial sector external debt as such has fallen and so has made the general government. The latter means that fewer and fewer international investors with Spanish public debt despite an increase in total public debt.
Net financing from the monetary authorities soared in the fourth quarter (increased from 89,000 to 175,000 million) following the first auction of liquidity to three years of the ECB. It is expected that the amount has been increasing with the second auction of the same type, on February 29.
The increasing dependence of the ECB is the reverse of the lack of confidence of other investors in Spain. "These figures show that the situation is much more serious than many people assume. Spain would have had to be rescued if the ECB offers banks such amounts of money, "said Angel Laborda, joint chief of staff of the Foundation of Savings Banks (Func). "Without that demand, the Treasury could not have put their titles or would have had to do with a premium closer to that of Portugal or Greece," he adds.
Jose Carlos Diez, chief economist Intermoney, says the main vulnerability of the Spanish economy is the heavy reliance on external financing banks and in particular the short-term external debt of financial institutions in excess of 360,000 million , not counting the money from the ECB. Given the lack of funding, banks can not meet the demand for credit, he stresses.
If what you see is the net international investment position of Spain, which computes all assets minus all foreign liabilities, net end of 2011 also marks a new record, with 989,100 million negative, a worsening of about 60,000 million in 2011, according to data that has also just released the Bank of Spain. Again the damage is concentrated in the position of the Bank of Spain by increasing their debts with the Eurosystem (as an intermediary between the ECB and the financial system).
This growing reliance on ECB leaves also held in Frankfurt, the lever to prop up the financing of the Spanish economy or to force some sort of bailout.
The volume of Spanish debt now accounts for 165.4% of gross domestic product (GDP), one of the highest levels worldwide. External debt includes all outstanding payments to the outside of principal and interest. Includes both public and private debt. In fact, the bulk of external debt is private and only 16% public.
Source: Bank of Spain. / COUNTRY
In times of financial crisis, the Spanish foreign debt is one of the key factors of concern to international investors. Current account deficit in the balance of payments, Spain needs foreign money to finance its economy and to get refinancing the debt maturities that. It is one of the big differences with Italy, which has a greater volume of domestic savings to finance its debt, both public and private.
The external debt had fallen in 2010 for the first time in a decade by reducing the current account deficit, capital repatriation and sale of assets by the private sector. That was interpreted as a sign that the economy was beginning to react and correct imbalances. In 2011, according to figures just released by the Bank of Spain, not only external debt increased again, but the most worrying aspect is the increasing dependence of the monetary authority.
Before the crisis, private investment was enough left over to finance and external debt Spanish. When they got problems, banks began to turn increasingly to the ECB. But it has been in the last year, when the crisis of confidence has blinded the traditional funding streams and the ECB has opened the bar free long-term liquidity, when the use of money has skyrocketed. The share of debt financed by the monetary authority has increased from 51,323 to 175,360 million in one year, which has risen from less than 3% to almost 10% of total Spanish debt.
The bank indebtedness prevents flow of credit to the economy
The ECB funding comes through the Eurosystem via Bank of Spain to make requests of liquidity in the financial institutions issuing bank auctions. But in the external debt statistics appear separate from the debt of financial institutions with other investors. That money goes to banks and has served in part to meet maturities and interest payments of institutions themselves and partly to buy government debt, which explains why the financial sector external debt as such has fallen and so has made the general government. The latter means that fewer and fewer international investors with Spanish public debt despite an increase in total public debt.
Net financing from the monetary authorities soared in the fourth quarter (increased from 89,000 to 175,000 million) following the first auction of liquidity to three years of the ECB. It is expected that the amount has been increasing with the second auction of the same type, on February 29.
The increasing dependence of the ECB is the reverse of the lack of confidence of other investors in Spain. "These figures show that the situation is much more serious than many people assume. Spain would have had to be rescued if the ECB offers banks such amounts of money, "said Angel Laborda, joint chief of staff of the Foundation of Savings Banks (Func). "Without that demand, the Treasury could not have put their titles or would have had to do with a premium closer to that of Portugal or Greece," he adds.
Jose Carlos Diez, chief economist Intermoney, says the main vulnerability of the Spanish economy is the heavy reliance on external financing banks and in particular the short-term external debt of financial institutions in excess of 360,000 million , not counting the money from the ECB. Given the lack of funding, banks can not meet the demand for credit, he stresses.
If what you see is the net international investment position of Spain, which computes all assets minus all foreign liabilities, net end of 2011 also marks a new record, with 989,100 million negative, a worsening of about 60,000 million in 2011, according to data that has also just released the Bank of Spain. Again the damage is concentrated in the position of the Bank of Spain by increasing their debts with the Eurosystem (as an intermediary between the ECB and the financial system).
This growing reliance on ECB leaves also held in Frankfurt, the lever to prop up the financing of the Spanish economy or to force some sort of bailout.
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