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欧州のユーロ圏17カ国は、スペインの不良債権で破綻寸前の銀行救済で資本増強のため資金注入を欧州金融安定機構から直接融資するのは拒否
La eurozona veta la recapitalización directa de los bancos con problemas
El Eurogrupo, a diferencia de la Comisión Europea, ve posible renegociar el rescate griego
Almunia reconoce que la legislación actual no permite dar ayuda directa al sector
El comisario añade que se podría cambiar en un futuro si los países así lo acuerdan
Claudi Pérez Bruselas19 JUN 2012 - 12:54 CET
The eurozone vetoes the direct recapitalization of distressed banks
The Eurogroup, unlike the European Commission, is possible to renegotiate the Greek rescue
Almunia acknowledged that current legislation does not permit direct aid to industry
The commissioner added that could change in the future if countries so agree
Claudi Perez Brussels 19 JUN 2012 - 12:54 CET
The Eurogroup, unlike the European Commission, is possible to renegotiate the Greek rescue
Almunia acknowledged that current legislation does not permit direct aid to industry
The commissioner added that could change in the future if countries so agree
Claudi Perez Brussels 19 JUN 2012 - 12:54 CET
If Brussels is considering ways to "break the link between sovereign risk and bank debt" as reported yesterday the president of the Commission José Manuel Barroso, the European partners do not want to give informed. And if the prime minister, Mariano Rajoy, looking for ways to rescue Spain not compute as public debt, may find the same negative round the rest of the eurozone. European sources have claimed Tuesday that the Eurogroup expected Spain finally asks aid know as soon as the evaluation of banking consultants to finalize Roland Berger and Oliver Wyman, and that a "strong preference" among countries of the euro grant aid through the permanent rescue fund (ESM, for short), a bazooka half a billion euros has not yet been ratified in European capitals.
The components of the Eurogroup (ie, the 17 euro countries) will meet on Thursday in Luxembourg, but European sources note that despite the desires of Spain associated with the rescue program will have "strict compliance". If the Spanish request arrives on time, the Eurogroup will start to discuss terms related to the sale of bank assets, the need to merge or liquidate institutions and, finally, the obligation to climb several steps to restructure the banking, especially the old cases.
more informationRajoy seeks to rescue the banking and public debt does not computeThe G-20 supports the European rescue of Spanish banksThe Treasury pays for the letters to 18 months the highest rate in the last 15 yearsThe IMF started the firewall 456,000 million for counter-crisis
"According to the rules and procedures in force, a direct recapitalization exercise is not possible. I know there are hundreds of people saying it is, but it is, "stressed a senior official." There are hundreds of people who say it is desirable ... especially in Spain, "he added sarcastically. In short, the Eurogroup believes that" not possible "that the bailout fund EU recapitalize Spanish banks directly without going through the state, as demanded by the Government and the Commission to prevent the aid program "contaminate" the public debt.
For the Eurogroup, the focus of the restructuring of the Spanish banking system "is correct" and can not speak of a failure of the bailout. "You can say it did not work because we have not started." "You need to provide absolute clarity on the structure of the problems in the individual balance sheets of banks. This is not signing a program and the problems go away. Not makes overnight, take time," explained the senior official.
Greater flexibility
The European Commission also considers that it is difficult to reopen the debate on direct recapitalization of banks, which runs into the opposition of Germany. Brussels believes that there are tools within the treaty's permanent rescue fund enabling it. The Commission explains that also favors greater flexibility in order to break the link between sovereign debt and bank debt. But Brussels says that this is a debate that was settled long ago without any agreement and considered "unlikely" that can be modified to Spain in use.
From within the EU executive, the competition commissioner, Joaquin Almunia, has defended the possible future modification of current rules if there is political will and Germany yields. "So far as the analysis is not possible with current legislation, but not be excluded that this may be modified at the time," he assured. "In any case we are talking about a treaty, the European Stability Mechanism (MEDE) is an intergovernmental treaty and the European Commission there is no right of initiative", confirmed during an appearance before the Committee on Economic and Monetary European Parliament.
In the Ecofin on Friday will begin to see that these conditions are not related only to the financial sector, the Finance Ministers ask EU to Spain at the meeting held in Luxembourg on Friday to increase the tax, abolish the deduction for housing and accelerate the delay of the retirement age to 67 years. The Ecofin also claim the Government to submit by the end of July a biennial budget plan for 2013 and 2014 detailing the steps to correct the excessive deficit.
The risk premium has not stopped rising in recent days. One reason is that the aid will mean, in the current rules, a strong rise in public debt, which has increased the uncertainty among investors. The other reason is that the instrument is shaping up for the rescue vehicle to Spain, the permanent mechanism ESM is the first to cash in case of default of Spain: it also increases the scare investors. For the current bailout fund (EFSF, for its acronym in English), this pre-eminence in the collection in the event of default does not exist.
The Eurogroup will also discuss the recommendations of the International Monetary Fund (IMF) for the Eurozone. The IMF plans to present Article IV for Europe shortly. Sources in the Washington-based institution ensure this newspaper that the analysis will be very hard, although Eurogroup sources explained today that the IMF agrees roughly in the evaluation of the continent's ills makes eurozone itself: countries with problems of access to markets have no alternative to fiscal austerity and structural reforms to is well underway. The IMF, however, harshly criticized the European institutional architecture.
Athens Help
And Greece, of course. Brussels said yesterday that there will be only "minor modifications" under the conditions of aid to Greece. But European sources noted that the Eurogroup would be willing to relax the timetable for the rescue of Greece, but insisted that the first thing is to form a new government and evaluate the status of implementation of the reforms they promised in return for Athens aid of 240,000 million euros.
The elections have brought a certain paralysis in Greece. The time lost in the political crisis and the fact that the recession in Greece (and the rest of Europe, except Germany) is harder than expected opens the door to a political discussion with the new government in Athens. "There will be a negotiation technique, until the two parties, including the Greek Government in a position to accept the new agreement," according to sources.
The components of the Eurogroup (ie, the 17 euro countries) will meet on Thursday in Luxembourg, but European sources note that despite the desires of Spain associated with the rescue program will have "strict compliance". If the Spanish request arrives on time, the Eurogroup will start to discuss terms related to the sale of bank assets, the need to merge or liquidate institutions and, finally, the obligation to climb several steps to restructure the banking, especially the old cases.
more informationRajoy seeks to rescue the banking and public debt does not computeThe G-20 supports the European rescue of Spanish banksThe Treasury pays for the letters to 18 months the highest rate in the last 15 yearsThe IMF started the firewall 456,000 million for counter-crisis
"According to the rules and procedures in force, a direct recapitalization exercise is not possible. I know there are hundreds of people saying it is, but it is, "stressed a senior official." There are hundreds of people who say it is desirable ... especially in Spain, "he added sarcastically. In short, the Eurogroup believes that" not possible "that the bailout fund EU recapitalize Spanish banks directly without going through the state, as demanded by the Government and the Commission to prevent the aid program "contaminate" the public debt.
For the Eurogroup, the focus of the restructuring of the Spanish banking system "is correct" and can not speak of a failure of the bailout. "You can say it did not work because we have not started." "You need to provide absolute clarity on the structure of the problems in the individual balance sheets of banks. This is not signing a program and the problems go away. Not makes overnight, take time," explained the senior official.
Greater flexibility
The European Commission also considers that it is difficult to reopen the debate on direct recapitalization of banks, which runs into the opposition of Germany. Brussels believes that there are tools within the treaty's permanent rescue fund enabling it. The Commission explains that also favors greater flexibility in order to break the link between sovereign debt and bank debt. But Brussels says that this is a debate that was settled long ago without any agreement and considered "unlikely" that can be modified to Spain in use.
From within the EU executive, the competition commissioner, Joaquin Almunia, has defended the possible future modification of current rules if there is political will and Germany yields. "So far as the analysis is not possible with current legislation, but not be excluded that this may be modified at the time," he assured. "In any case we are talking about a treaty, the European Stability Mechanism (MEDE) is an intergovernmental treaty and the European Commission there is no right of initiative", confirmed during an appearance before the Committee on Economic and Monetary European Parliament.
In the Ecofin on Friday will begin to see that these conditions are not related only to the financial sector, the Finance Ministers ask EU to Spain at the meeting held in Luxembourg on Friday to increase the tax, abolish the deduction for housing and accelerate the delay of the retirement age to 67 years. The Ecofin also claim the Government to submit by the end of July a biennial budget plan for 2013 and 2014 detailing the steps to correct the excessive deficit.
The risk premium has not stopped rising in recent days. One reason is that the aid will mean, in the current rules, a strong rise in public debt, which has increased the uncertainty among investors. The other reason is that the instrument is shaping up for the rescue vehicle to Spain, the permanent mechanism ESM is the first to cash in case of default of Spain: it also increases the scare investors. For the current bailout fund (EFSF, for its acronym in English), this pre-eminence in the collection in the event of default does not exist.
The Eurogroup will also discuss the recommendations of the International Monetary Fund (IMF) for the Eurozone. The IMF plans to present Article IV for Europe shortly. Sources in the Washington-based institution ensure this newspaper that the analysis will be very hard, although Eurogroup sources explained today that the IMF agrees roughly in the evaluation of the continent's ills makes eurozone itself: countries with problems of access to markets have no alternative to fiscal austerity and structural reforms to is well underway. The IMF, however, harshly criticized the European institutional architecture.
Athens Help
And Greece, of course. Brussels said yesterday that there will be only "minor modifications" under the conditions of aid to Greece. But European sources noted that the Eurogroup would be willing to relax the timetable for the rescue of Greece, but insisted that the first thing is to form a new government and evaluate the status of implementation of the reforms they promised in return for Athens aid of 240,000 million euros.
The elections have brought a certain paralysis in Greece. The time lost in the political crisis and the fact that the recession in Greece (and the rest of Europe, except Germany) is harder than expected opens the door to a political discussion with the new government in Athens. "There will be a negotiation technique, until the two parties, including the Greek Government in a position to accept the new agreement," according to sources.
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