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欧州首脳会議では、スペインとイタリアは、欧州の1200億0000'0000ユーロの経済成長刺激政策は、まずイタリアとスペインの財政(国家債券危機)危機を克服してからと要望
España e Italia condicionan el pacto de crecimiento a medidas de urgencia
Rajoy y Monti condicionan el plan de crecimiento a que vaya acompañado de soluciones a corto plazo al problema de la deuda
El presidente francés cree que "en las próximas horas" podrá lograrse un acuerdo sobre alguna de las peticiones españolas
Spain and Italy condition growth pact to emergency measures
Rajoy and Monti condition the growth plan that is accompanied by short-term solutions to the problem of debt
The French president believes that "within hours" may be an agreement on any of the Spanish requests
Rajoy warned: "Many Spanish institutions can not be funded"
Claudi Perez / Miguel Gonzalez Brussels 29 JUN 2012 - 01:26 CET
Rajoy and Monti condition the growth plan that is accompanied by short-term solutions to the problem of debt
The French president believes that "within hours" may be an agreement on any of the Spanish requests
Rajoy warned: "Many Spanish institutions can not be funded"
Claudi Perez / Miguel Gonzalez Brussels 29 JUN 2012 - 01:26 CET
Group photo of the summit: the Spanish president, Mariano Rajoy, is about Italian Prime Minister, Mario Monti. The two leaders speak Rajoy few seconds and makes a gesture to continue the conversation later. Do not talk about football, although both countries will meet in Sunday's European Championship final. There are unexpectedly forge an alliance: Spain and Italy were planted at the European summit last night and prevented approve the pact for growth 120,000 million, equivalent to 1% of GDP in the EU-European partners until they decide to approve in the very short term measures to stabilize the markets, which have two countries in deep water. That deal seemed completely closed: it was agreed precisely in the Rome summit last week, which Monti and Rajoy attended. Both Spain and Italy are in favor of measures to boost growth, but Spanish government sources explained that the pact "is totally inadequate: it is not credible without measures to refloat the priority and urgency, a solution to the problem of sustainability debt ", which requires both countries to pay exorbitant INTERESTED to raise money in financial markets. "The European patient dying by Spain and Italy. And the EU is committed to continue to have the temptation to teach the next hospital plans, "diplomatic sources explained to justify the blockade.
All this is useless if we can not finance "
Mariano Rajoy
Without going to stand, France endorsed the common front between Spain and Italy: "Mechanisms [rescue] should exist to serve vulnerable countries without any adjustment program. These countries have made efforts have reduced the deficit and should not have such high interest rates, "said the French president, François Hollande. In other words, Paris believes that the purchase of debt of the European bailout funds should not lead fiscal conditionality associated with (exactly the position they defend Rome and Madrid, from the positions of Berlin). French President hoped that "within hours" may be an agreement on some of the Spanish requests for measures to stabilize financial markets. Hollande, in a press conference after the first day of the summit of the EU, said that Spain seeks to recapitalize the banks without affecting its debt, and that the permanent bailout fund (MEDE) can act on the same conditions as the storm (EFSF). "These are technical details that I believe can be solved in the coming hours," said the French president.
The EU started the Summit of Heads of State and Government on the debate on the pact for growth, the first point of an agenda that includes changes in the institutional structure of the EU: more political union, fiscal union, union bank those things. Madrid and Rome, in an unprecedented move to that level (in the Spanish case at least since the government of Jose Maria Aznar), block any agreement until there is action to calm the markets. Government sources explained that the goal is that any European rescue fund (the temporary or the permanent) purchase debt in the market "without any macroeconomic conditions," end that is radically opposed to Germany. Berlin might be willing to compromise on the purchase of bonds, but there is always strict conditionality. This means that Spain immediately raise the VAT to submit a biennial budget or to harden the labor reform.
The 120,000 million settlement on growth should serve to galvanize investment in energy and infrastructure, together with the private sector, through the European Investment Bank (EIB), the reallocation of unspent structural funds and the implementation bond project. Spain and Italy are called to be two of the major beneficiaries of these funds. Of those 120,000 million, would accrue to Spain about 10,000 million, the problem is that the payment of interest on the debt will devour this year about 28,000 million euros, according to the forecast included in the budgets that will certainly be overwhelmed by the increase the volume of debt as rising interest paid by the Treasury. "All this is useless if we can not fund," said Rajoy graphically, referring to the agenda of long-term measures that it would adopt the summit.
Europe is on track to achieve solutions for medium and long term, to shore up a building full of cracks euro, to rewrite a speech that in recent times has lost credibility everywhere. But still unable to go to the concrete, to agree in the very short term measures to the existential crisis of the euro, which is in Spain and Italy in the quagmire. Madrid and Rome yesterday called for urgent help to save the euro, to save themselves. Tightened the rope to soften the almost irresistible rise of the interest on its debt, at a meeting of Heads of State and Government to guess crucial to avoid financial accident (in Spain) or political (in Italy, Silvio Berlusconi threatened to withdraw support to the Government) in the absence of clear measures. Political tensions emerged with the two great countries of the South, supported by France, trying to convince Germany to open the hand and recess pressures in the markets. Difficult task. The wishes of the periphery stalled by the intransigence of the North, he does not want to hear about solidarity without counterparts: before the fire in the markets, Italy and Spain want to start a formula for the bailout funds to buy debt, or pressure the European Central Bank (ECB) to open fire, and later find a way to rescue mechanisms to recapitalize troubled banks. Berlin refuses.
"As soon as we have a joint fiscal policy we consider common responsibilities
Wolfgang Schäuble
Economic, financial and employment. The State, the bank rescue. Demographic aging affects competitiveness and the welfare state. Reduced competition in costs and wages. Dependence on energy imports about increasingly expensive. Moving to Asia in production savings. The list is more extensive, and while the tide europesimista decreed that the Union is going from failure to failure to deal with these problems long term. However, the ghost of an absent government, and the difficulty of a deal between Berlin and Paris to save the euro-planned summit yesterday in Brussels, and not because of lack of ideas and long term. The leaders are about to make substantial steps towards political union in its various forms: union bank, fiscal union and perhaps in the future, or some form of Eurobond debt pooling, provided that the conditions that Germany wants to impose with the help of creditor countries (Netherlands, Finland and Austria). Big words, but little concrete to try to solve the problems that have placed himself in the disparadero euro.
That is the situation in Spain, with interest rates on its debt to 10 years hovering around 7%, and Italy, with interest on its bonds at around 6%. Higher still are the risk premiums rescued countries (Greece, Portugal and Italy), with over half of Europe already in recession and an economic horizon dark blue, almost black. The summit is a double test: in the long term European project, which should bolster the idea that the euro is irreversible, the approval is virtually guaranteed. In the heart of the matter, solutions that require short hard cash and give up some of the great ideological sacred cows of Berlin, success is not assured.
"As soon as we have a joint fiscal policy we consider common responsibilities [ie Eurobonds]. The opposite would be to ignore the basic lessons of the crisis, "warned the German minister Wolfgang Schäuble. Further still was the Dutch Prime Minister Mark Rutte, who said the only way to Spain and Italy "is to continue with the austerity and reforms." Faced with that speech, French President François Hollande, promised "quick solutions for countries with problems."
Against the consensus growth pact and version 2.0 of the Union, unknowns of everything they need Spain and Italy to guarantee at least a summer manageable. "Whatever happens, Germany will pay. But if the EU disintegrates, the price would be high, "diplomatic sources expressed one of the southern countries. To save the euro, or at least to save the year, the leaders tried to agree on several measures, which go through the direct recapitalization of banks through the permanent mechanism (Mede), or the purchase of bonds through the same instrument, with a banking license that would give the bazooka enough firepower. The direct recapitalization of banks is part of the steps required to complete a banking union, and would be pleased to Spain but did not come in the short term, for your bailout. According to sources close to negotiations, Madrid already has the backing of Germany to aid the banks, who will be around 60,000 million euros, not frighten investors: the injection of capital through funds will not rescue the European partners are preferred creditors in case of an eventual default. But there are more problems: such aid directly increase the Spanish public debt, and that is what they fear most markets: Europe seeks a solution for Spain to take the first losses, if they occur, but if you assume that all rescue increase of public debt.
In any case, that would be a medium term measure, recognize Spanish sources. So Madrid and Rome yesterday stepped up border pressures, focusing on the possibility that the rescue mechanism may buy bonds on the primary market (ie, Treasury auctions), if there is no choice to accept a strict conditionality, such as requested by Germany. "For that you have to break a political deadlock concern," diplomatic sources, "or, if no agreement, get the ECB to act in the markets on Monday." But the ECB has spent nearly three months on its hands. And the political impasse lasts more than 10 years.
All this is useless if we can not finance "
Mariano Rajoy
Without going to stand, France endorsed the common front between Spain and Italy: "Mechanisms [rescue] should exist to serve vulnerable countries without any adjustment program. These countries have made efforts have reduced the deficit and should not have such high interest rates, "said the French president, François Hollande. In other words, Paris believes that the purchase of debt of the European bailout funds should not lead fiscal conditionality associated with (exactly the position they defend Rome and Madrid, from the positions of Berlin). French President hoped that "within hours" may be an agreement on some of the Spanish requests for measures to stabilize financial markets. Hollande, in a press conference after the first day of the summit of the EU, said that Spain seeks to recapitalize the banks without affecting its debt, and that the permanent bailout fund (MEDE) can act on the same conditions as the storm (EFSF). "These are technical details that I believe can be solved in the coming hours," said the French president.
The EU started the Summit of Heads of State and Government on the debate on the pact for growth, the first point of an agenda that includes changes in the institutional structure of the EU: more political union, fiscal union, union bank those things. Madrid and Rome, in an unprecedented move to that level (in the Spanish case at least since the government of Jose Maria Aznar), block any agreement until there is action to calm the markets. Government sources explained that the goal is that any European rescue fund (the temporary or the permanent) purchase debt in the market "without any macroeconomic conditions," end that is radically opposed to Germany. Berlin might be willing to compromise on the purchase of bonds, but there is always strict conditionality. This means that Spain immediately raise the VAT to submit a biennial budget or to harden the labor reform.
The 120,000 million settlement on growth should serve to galvanize investment in energy and infrastructure, together with the private sector, through the European Investment Bank (EIB), the reallocation of unspent structural funds and the implementation bond project. Spain and Italy are called to be two of the major beneficiaries of these funds. Of those 120,000 million, would accrue to Spain about 10,000 million, the problem is that the payment of interest on the debt will devour this year about 28,000 million euros, according to the forecast included in the budgets that will certainly be overwhelmed by the increase the volume of debt as rising interest paid by the Treasury. "All this is useless if we can not fund," said Rajoy graphically, referring to the agenda of long-term measures that it would adopt the summit.
Europe is on track to achieve solutions for medium and long term, to shore up a building full of cracks euro, to rewrite a speech that in recent times has lost credibility everywhere. But still unable to go to the concrete, to agree in the very short term measures to the existential crisis of the euro, which is in Spain and Italy in the quagmire. Madrid and Rome yesterday called for urgent help to save the euro, to save themselves. Tightened the rope to soften the almost irresistible rise of the interest on its debt, at a meeting of Heads of State and Government to guess crucial to avoid financial accident (in Spain) or political (in Italy, Silvio Berlusconi threatened to withdraw support to the Government) in the absence of clear measures. Political tensions emerged with the two great countries of the South, supported by France, trying to convince Germany to open the hand and recess pressures in the markets. Difficult task. The wishes of the periphery stalled by the intransigence of the North, he does not want to hear about solidarity without counterparts: before the fire in the markets, Italy and Spain want to start a formula for the bailout funds to buy debt, or pressure the European Central Bank (ECB) to open fire, and later find a way to rescue mechanisms to recapitalize troubled banks. Berlin refuses.
"As soon as we have a joint fiscal policy we consider common responsibilities
Wolfgang Schäuble
Economic, financial and employment. The State, the bank rescue. Demographic aging affects competitiveness and the welfare state. Reduced competition in costs and wages. Dependence on energy imports about increasingly expensive. Moving to Asia in production savings. The list is more extensive, and while the tide europesimista decreed that the Union is going from failure to failure to deal with these problems long term. However, the ghost of an absent government, and the difficulty of a deal between Berlin and Paris to save the euro-planned summit yesterday in Brussels, and not because of lack of ideas and long term. The leaders are about to make substantial steps towards political union in its various forms: union bank, fiscal union and perhaps in the future, or some form of Eurobond debt pooling, provided that the conditions that Germany wants to impose with the help of creditor countries (Netherlands, Finland and Austria). Big words, but little concrete to try to solve the problems that have placed himself in the disparadero euro.
That is the situation in Spain, with interest rates on its debt to 10 years hovering around 7%, and Italy, with interest on its bonds at around 6%. Higher still are the risk premiums rescued countries (Greece, Portugal and Italy), with over half of Europe already in recession and an economic horizon dark blue, almost black. The summit is a double test: in the long term European project, which should bolster the idea that the euro is irreversible, the approval is virtually guaranteed. In the heart of the matter, solutions that require short hard cash and give up some of the great ideological sacred cows of Berlin, success is not assured.
"As soon as we have a joint fiscal policy we consider common responsibilities [ie Eurobonds]. The opposite would be to ignore the basic lessons of the crisis, "warned the German minister Wolfgang Schäuble. Further still was the Dutch Prime Minister Mark Rutte, who said the only way to Spain and Italy "is to continue with the austerity and reforms." Faced with that speech, French President François Hollande, promised "quick solutions for countries with problems."
Against the consensus growth pact and version 2.0 of the Union, unknowns of everything they need Spain and Italy to guarantee at least a summer manageable. "Whatever happens, Germany will pay. But if the EU disintegrates, the price would be high, "diplomatic sources expressed one of the southern countries. To save the euro, or at least to save the year, the leaders tried to agree on several measures, which go through the direct recapitalization of banks through the permanent mechanism (Mede), or the purchase of bonds through the same instrument, with a banking license that would give the bazooka enough firepower. The direct recapitalization of banks is part of the steps required to complete a banking union, and would be pleased to Spain but did not come in the short term, for your bailout. According to sources close to negotiations, Madrid already has the backing of Germany to aid the banks, who will be around 60,000 million euros, not frighten investors: the injection of capital through funds will not rescue the European partners are preferred creditors in case of an eventual default. But there are more problems: such aid directly increase the Spanish public debt, and that is what they fear most markets: Europe seeks a solution for Spain to take the first losses, if they occur, but if you assume that all rescue increase of public debt.
In any case, that would be a medium term measure, recognize Spanish sources. So Madrid and Rome yesterday stepped up border pressures, focusing on the possibility that the rescue mechanism may buy bonds on the primary market (ie, Treasury auctions), if there is no choice to accept a strict conditionality, such as requested by Germany. "For that you have to break a political deadlock concern," diplomatic sources, "or, if no agreement, get the ECB to act in the markets on Monday." But the ECB has spent nearly three months on its hands. And the political impasse lasts more than 10 years.
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