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スペインの財政赤字債務は危機に直面、国債の10年の金利は、6'5%と欧州銀行介入救済の域に入る
La deuda española se asoma al abismo
La prima de riesgo supera por primera vez los 500 puntos básicos
El tipo de interés del bono a 10 años subió hasta el 6,5% durante la mañana
El Ibex termina la jornada en 6.611,5 puntos tras una caída del 1,33%
El Gobierno asegura que la banca no necesita el fondo de rescate "de momento"
Spanish debt faces the abyss
The risk premium for the first time exceeded 500 basis points
The interest rate on the benchmark 10-year note rose to 6.5% during the morning
The Dow ended the day at 6611.5 points after a fall of 1.33%
The government says that banks do not need the bailout fund "for now"
Lafont Isabel / Luis Doncel Madrid 16 MAY 2012 - 18:44 CET
The risk premium for the first time exceeded 500 basis points
The interest rate on the benchmark 10-year note rose to 6.5% during the morning
The Dow ended the day at 6611.5 points after a fall of 1.33%
The government says that banks do not need the bailout fund "for now"
Lafont Isabel / Luis Doncel Madrid 16 MAY 2012 - 18:44 CET
Again, all of Spain lived on Wednesday pending the markets. But this happens every day is worse than the last. The risk premium, the thermometer used to measure an economy's fever, overcame the barrier that had never reached 500 basis points. This figure summarizes all the problems that crowd in and out. While Greece is a country becomes ungovernable that no one can know what will be in the coming months, weeks or days, the risk associated with the Spanish debt is already at a level similar to that which led to the involvement of smaller partners as Greece, Portugal and Ireland. And the European Central Bank (ECB), the only agency with enough force to strike a blow on the table, it seems that debt encouraged to buy in bulk, as it did last summer, when water threatened to drown not only Spain but Italy also.
Not surprisingly, the Minister of Economy and Competitiveness, Luis de Guindos, meeting in London with investors to whom I explained the last financial reform, denied that Spain is going to need a European rescue fund to recapitalize their banks. But it is at least troubling that Secretary of State for the European Union, Inigo Mendez de Vigo, ensure that "at present" Spanish financial institutions will not require the injection of public money in Europe. Quoted by Efe, Mendez de Vigo insisted that the Community institutions have not considered the possibility that Spain has to be rescued.
Carlos Solchaga, the man who led the Spanish economic policy between 1985 and 1993, on Wednesday threw more fuel on the fire to ensure that the country is "relative risk" because the other interventions were decided when the risk premium exceeded 500 points. Jose Luis Martinez, an analyst at Citi, however, considers that the risk of default of a country depends not on the level of risk premium or the profitability of your bonus, and the speed at which you reach it.
Carlos Solchaga, the man who led the Spanish economic policy between 1985 and 1993, added fuel to the fire to ensure that the country is "relative risk"
And yet, in the extreme seriousness of the patient, some nuances help ease some of the environment. The risk premium is on top, yes, early on Wednesday surpassed the 507 points and then dropped to the 482 - but the Spanish bond yield, which is what really affects the public purse, has seen new heights . A ten-year bond traded in the secondary market at a rate of 6.3% when last November touched 6.7%.
Another source of joy on depression in general is that bond yields of Spanish debt to other periods-two, three, four, five or 30 years, are still far from reaching astronomical levels six months ago.
Faced with the ins and outs of European politicians and the catastrophic situation in Greece, Mario Draghi, the chairman of the ECB is the only man able to reverse the situation in the short term. And in light of the information that the lords of the euro tend to issue informally from Frankfurt, it seems that Draghi did not decide to buy debt in the secondary market to ease tensions. "The contagion is from Greece, so that there is nothing that the Spanish Government can do. The ECB not only has to enter the debt market of the countries most affected, but must say that it is doing, as happened tensions during August last year, and start a new round of liquidity to European banks. It is the only short-term solution, "said Emilio Ontiveros, AFI president.
A good opportunity to measure the credibility of the Spanish finances will be in the auction of Treasury debt held. This event will interest not only internal, and that after the final collapse likely in Greece, Spain is the real test on the sustainability of the euro area. "We played not only the respect of the eurozone, but the very integrity of the EU," said Ontiveros.
Spanish stock market
The Ibex 35, the main Spanish stock index, which opened on Wednesday with a fall of 1.1%, dragged back by banking stocks, has come to yield 2.45% in the morning, to 6536.2 points. Since then, losses have been cut and have even become a profit at some point, though the day has resulted in a decline of 1.33% Dow to 6611.5 points, keeping the indicator at 2003 levels.
The banking stocks have staged the day, this time as a relatively positive note, as they have managed to slow down the punishment of the last days, except Bankia, which continues to collapse after being nationalized last week, has lost 11, 12%. Next in Bankinter losses (-4.8%), Santander (-1.8%), Caixabank (-0.7%) and BBVA (-0.41%). Sabadell has managed to remain unchanged and People has scored even an increase of 0.6%.
French Treasury
The truth is that investors discriminate against countries considered safer and proof of this is that the French Treasury on Wednesday placed debt amounting to 7.996 million euros at rates below those of the previous auction April 19 in the first issue done since the socialist Francois Hollande win the presidential election.
Specifically, emissions at two and five years have been placed at 0.74% (versus 0.85%) and 1.72% (versus 1.83%), the latter type is the lowest since the creation the euro. By reference to four years has paid 0.95% (1.06% on April 19) and which expires in 2017, 1.37%.
Not surprisingly, the Minister of Economy and Competitiveness, Luis de Guindos, meeting in London with investors to whom I explained the last financial reform, denied that Spain is going to need a European rescue fund to recapitalize their banks. But it is at least troubling that Secretary of State for the European Union, Inigo Mendez de Vigo, ensure that "at present" Spanish financial institutions will not require the injection of public money in Europe. Quoted by Efe, Mendez de Vigo insisted that the Community institutions have not considered the possibility that Spain has to be rescued.
Carlos Solchaga, the man who led the Spanish economic policy between 1985 and 1993, on Wednesday threw more fuel on the fire to ensure that the country is "relative risk" because the other interventions were decided when the risk premium exceeded 500 points. Jose Luis Martinez, an analyst at Citi, however, considers that the risk of default of a country depends not on the level of risk premium or the profitability of your bonus, and the speed at which you reach it.
Carlos Solchaga, the man who led the Spanish economic policy between 1985 and 1993, added fuel to the fire to ensure that the country is "relative risk"
And yet, in the extreme seriousness of the patient, some nuances help ease some of the environment. The risk premium is on top, yes, early on Wednesday surpassed the 507 points and then dropped to the 482 - but the Spanish bond yield, which is what really affects the public purse, has seen new heights . A ten-year bond traded in the secondary market at a rate of 6.3% when last November touched 6.7%.
Another source of joy on depression in general is that bond yields of Spanish debt to other periods-two, three, four, five or 30 years, are still far from reaching astronomical levels six months ago.
Faced with the ins and outs of European politicians and the catastrophic situation in Greece, Mario Draghi, the chairman of the ECB is the only man able to reverse the situation in the short term. And in light of the information that the lords of the euro tend to issue informally from Frankfurt, it seems that Draghi did not decide to buy debt in the secondary market to ease tensions. "The contagion is from Greece, so that there is nothing that the Spanish Government can do. The ECB not only has to enter the debt market of the countries most affected, but must say that it is doing, as happened tensions during August last year, and start a new round of liquidity to European banks. It is the only short-term solution, "said Emilio Ontiveros, AFI president.
A good opportunity to measure the credibility of the Spanish finances will be in the auction of Treasury debt held. This event will interest not only internal, and that after the final collapse likely in Greece, Spain is the real test on the sustainability of the euro area. "We played not only the respect of the eurozone, but the very integrity of the EU," said Ontiveros.
Spanish stock market
The Ibex 35, the main Spanish stock index, which opened on Wednesday with a fall of 1.1%, dragged back by banking stocks, has come to yield 2.45% in the morning, to 6536.2 points. Since then, losses have been cut and have even become a profit at some point, though the day has resulted in a decline of 1.33% Dow to 6611.5 points, keeping the indicator at 2003 levels.
The banking stocks have staged the day, this time as a relatively positive note, as they have managed to slow down the punishment of the last days, except Bankia, which continues to collapse after being nationalized last week, has lost 11, 12%. Next in Bankinter losses (-4.8%), Santander (-1.8%), Caixabank (-0.7%) and BBVA (-0.41%). Sabadell has managed to remain unchanged and People has scored even an increase of 0.6%.
French Treasury
The truth is that investors discriminate against countries considered safer and proof of this is that the French Treasury on Wednesday placed debt amounting to 7.996 million euros at rates below those of the previous auction April 19 in the first issue done since the socialist Francois Hollande win the presidential election.
Specifically, emissions at two and five years have been placed at 0.74% (versus 0.85%) and 1.72% (versus 1.83%), the latter type is the lowest since the creation the euro. By reference to four years has paid 0.95% (1.06% on April 19) and which expires in 2017, 1.37%.
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