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7大経済強国の経済大臣は、ギリシアとスペインの銀行破綻寸前の金融危機を対策するため映像会議を2012/06/05に開催
El G-7 aumenta la presión contra Berlín para que ponga en marcha estímulos
Los países más ricos se reúnen de urgencia para hablar de la situación en España y Grecia
Los ministros de Finanzas acuerdan cooperar para abordar la crisis europea
El País / Reuters Madrid / Toronto5 JUN 2012 - 15:55 CET, JST; 2012/06/05, 22:55
The G-7 increases the pressure on Berlin to implement stimulus
The richest countries are meeting to discuss emergency situation in Spain and Greece
Finance ministers agree to cooperate to address the crisis in Europe
The Country / Reuters Madrid / Toronto 5 JUN 2012 - 15:55 CET
The richest countries are meeting to discuss emergency situation in Spain and Greece
Finance ministers agree to cooperate to address the crisis in Europe
The Country / Reuters Madrid / Toronto 5 JUN 2012 - 15:55 CET
The finance ministers of the G-7 met this emergency video conference Tuesday to discuss the delicate situation in the euro zone, with Spain and Greece as the main sources of tension. The special call, which is not commonplace and that in any case, do not advertise, highlights that there is a fear that their problems end up affecting the rest of the world economy. Sources close to the seven richest countries in the world told Reuters shortly before the meeting that Germany was going to be under strong pressure to agree to implement stimulus measures and leave the inertia that keeps its demand austerity.
The video ended about three in the afternoon (CET Spanish) no statement. After the meeting, the Japanese finance minister, Jun Azumi, said the G7 members cooperate to address the concern generated by the European crisis. Nippon Minister confirmed, quoted by Kyodo, not issue any joint statement after the talks, which was concerned about the further strengthening against the euro and the dollar yen, considered safe haven to the crisis in Europe and the apparent slowdown in the U.S..
Minutes before the meeting, the sources cited by Reuters were stark: "Germany was going to rain criticism." They also noted that the Ministers of Economy and Finance of the member countries of the G-7-United States, Canada, Japan, UK, Germany, France and Italy were to discuss the situation in Spain and Germany had pressed to turn Spanish Government to accept a bailout from the EU to help recapitalize banks in the country who need it. "They do not want. They are too proud. It is a fatal conceit, "the sources added in reference to the position of Executive Mariano Rajoy.
The group fears the international implications of a run on deposits in Spain
From Brussels, however, the European Commission wanted to tone down the special call to the high expectations raised and considered to be "exaggerated" its importance. "It's an exaggeration. We have been in crisis for a while and that sense of alarm is not surprising or news to anybody," said spokesman this morning Economic and Monetary Affairs, Amadeu Altafaj, the daily briefing of the Commission . "I would not describe any of these regular exchanges and meetings as extraordiarios alarm or alert the crisis," he reiterated.
After the rescue of Greece, Ireland and Portugal, speaking alarm spokesman Olli Rehn is now in the Spanish banking crisis and the Greek elections to be held on 17 June and that could lead to output Athens of the single currency.
"The real concern right now is Europe, of course," has recognized the Canadian Finance Minister Jim Flaherty. Leaks that are destabilized by the market are clear: "The weakness in some of the banks in Europe, the fact that they are undercapitalized, the fact that other euro area countries have not taken sufficient action to address these problems capitalization of its entities and the need to build a proper firewall, "summed up the Canadian charge.
A source at the G-7, which has not revealed his identity, he told Reuters that there is much concern about the banking situation in Spain after the doubts created by the nationalization of Bankia. He has also admitted that triggered the fear of a possible run on deposits, which could "have implications beyond the euro area," he added.
During the teleconference, the great powers have discussed the situation in preparation for the upcoming G-20 to be held in the Mexican city of Los Canos on 18 and 19 this month, after the elections in Greece. It also takes place before the European Council of 28 and 29 June and, again, is announced key to progress in solving the crisis. Specifically, the desire of the European Commission to discuss the option that banks receive direct assistance from the bailout funds, vital for Spain but still without the approval of Germany. In any case, the change needed to be possible a few months and could not be in time if there is a clear political decision to bring the measure up.
more informationBrussels is opening the door to get help banks fundMerkel and Barroso pushing a plan that will reform EuropePortugal than the examination of the troika
But the G-7 have different positions, with Germany alone and a number of other struggling to put pressure on Europe to take action, but with their own resources. In fact, according to sources cited by Reuters, there is little chance that all the powers to act together to contain the crisis.
On one side are the U.S., which has long been pushing for the euro countries that address the crisis stronger, and Japan. Both countries advocate and take the decisions necessary to stabilize markets. "The markets are skeptical that the measures taken so far do not appear sufficient to ensure recovery of Europe. We must take further steps in that direction," said press secretary of the White House, Jay Carney, whose country holds the presidency of the G-7 and has already hosted in mid-May a meeting of the G-8 (which adds to Russia) at Camp David.
Indeed, in a pre-summit at the ranch in Texas, the French president, François Hollande, pleaded with his U.S. counterpart Barack Obama, to stimulate growth. However, the first world power refuses to use more money from the International Monetary Fund to support the euro area, which together with the stagnation of Germany also explains the skepticism of a common response to contain the crisis.
Who also calls for action is Japan, which fears that the economic recovery will be slowed by the strong yen, which has been revalued against other currencies for being a refuge from the crisis value of the euro. "The problem is that everyone, at present, have to wait for political decisions," he said yesterday from Tokyo Nippon Minister of Economy, Jun Azumi.
In favor of making the leap that leaves behind the crisis and the European paralysis UK had recently called by his prime minister, David Cameron, in pursuit of greater fiscal union in Europe. However, for this, Berlin requires its members budgetary rigor and accept giving up fiscal sovereignty.
For financial markets, today encuentrode positive is that it confirms that there are open channels of communication between the great powers and to maintain responsiveness to change. "But what really is important is whether markets are sufficiently prepared to take concrete steps and take action," Bloomberg Todd summarized Eimer, an analyst at Citigroup. From Spain, Jose Luis Martinez Campuzano, this same firm, has clarified that currently the only ones who have the ability to take the steps necessary to stop the turmoil are the central banks. In particular, the ECB and the Bank of England. In his opinion, "is now only of words and gestures of confidence in the future."
Within two weeks, the G-20 summit to be held in Mexico and which also involve the emerging, it is assumed that continued pressure for Europe to move tab, which is brought directly to Germany to open the hand . "We insist on our proposal that the European countries that have room to stimulate the economy (...) so now," said in this respect a senior official of the Brazilian Government.
The video ended about three in the afternoon (CET Spanish) no statement. After the meeting, the Japanese finance minister, Jun Azumi, said the G7 members cooperate to address the concern generated by the European crisis. Nippon Minister confirmed, quoted by Kyodo, not issue any joint statement after the talks, which was concerned about the further strengthening against the euro and the dollar yen, considered safe haven to the crisis in Europe and the apparent slowdown in the U.S..
Minutes before the meeting, the sources cited by Reuters were stark: "Germany was going to rain criticism." They also noted that the Ministers of Economy and Finance of the member countries of the G-7-United States, Canada, Japan, UK, Germany, France and Italy were to discuss the situation in Spain and Germany had pressed to turn Spanish Government to accept a bailout from the EU to help recapitalize banks in the country who need it. "They do not want. They are too proud. It is a fatal conceit, "the sources added in reference to the position of Executive Mariano Rajoy.
The group fears the international implications of a run on deposits in Spain
From Brussels, however, the European Commission wanted to tone down the special call to the high expectations raised and considered to be "exaggerated" its importance. "It's an exaggeration. We have been in crisis for a while and that sense of alarm is not surprising or news to anybody," said spokesman this morning Economic and Monetary Affairs, Amadeu Altafaj, the daily briefing of the Commission . "I would not describe any of these regular exchanges and meetings as extraordiarios alarm or alert the crisis," he reiterated.
After the rescue of Greece, Ireland and Portugal, speaking alarm spokesman Olli Rehn is now in the Spanish banking crisis and the Greek elections to be held on 17 June and that could lead to output Athens of the single currency.
"The real concern right now is Europe, of course," has recognized the Canadian Finance Minister Jim Flaherty. Leaks that are destabilized by the market are clear: "The weakness in some of the banks in Europe, the fact that they are undercapitalized, the fact that other euro area countries have not taken sufficient action to address these problems capitalization of its entities and the need to build a proper firewall, "summed up the Canadian charge.
A source at the G-7, which has not revealed his identity, he told Reuters that there is much concern about the banking situation in Spain after the doubts created by the nationalization of Bankia. He has also admitted that triggered the fear of a possible run on deposits, which could "have implications beyond the euro area," he added.
During the teleconference, the great powers have discussed the situation in preparation for the upcoming G-20 to be held in the Mexican city of Los Canos on 18 and 19 this month, after the elections in Greece. It also takes place before the European Council of 28 and 29 June and, again, is announced key to progress in solving the crisis. Specifically, the desire of the European Commission to discuss the option that banks receive direct assistance from the bailout funds, vital for Spain but still without the approval of Germany. In any case, the change needed to be possible a few months and could not be in time if there is a clear political decision to bring the measure up.
more informationBrussels is opening the door to get help banks fundMerkel and Barroso pushing a plan that will reform EuropePortugal than the examination of the troika
But the G-7 have different positions, with Germany alone and a number of other struggling to put pressure on Europe to take action, but with their own resources. In fact, according to sources cited by Reuters, there is little chance that all the powers to act together to contain the crisis.
On one side are the U.S., which has long been pushing for the euro countries that address the crisis stronger, and Japan. Both countries advocate and take the decisions necessary to stabilize markets. "The markets are skeptical that the measures taken so far do not appear sufficient to ensure recovery of Europe. We must take further steps in that direction," said press secretary of the White House, Jay Carney, whose country holds the presidency of the G-7 and has already hosted in mid-May a meeting of the G-8 (which adds to Russia) at Camp David.
Indeed, in a pre-summit at the ranch in Texas, the French president, François Hollande, pleaded with his U.S. counterpart Barack Obama, to stimulate growth. However, the first world power refuses to use more money from the International Monetary Fund to support the euro area, which together with the stagnation of Germany also explains the skepticism of a common response to contain the crisis.
Who also calls for action is Japan, which fears that the economic recovery will be slowed by the strong yen, which has been revalued against other currencies for being a refuge from the crisis value of the euro. "The problem is that everyone, at present, have to wait for political decisions," he said yesterday from Tokyo Nippon Minister of Economy, Jun Azumi.
In favor of making the leap that leaves behind the crisis and the European paralysis UK had recently called by his prime minister, David Cameron, in pursuit of greater fiscal union in Europe. However, for this, Berlin requires its members budgetary rigor and accept giving up fiscal sovereignty.
For financial markets, today encuentrode positive is that it confirms that there are open channels of communication between the great powers and to maintain responsiveness to change. "But what really is important is whether markets are sufficiently prepared to take concrete steps and take action," Bloomberg Todd summarized Eimer, an analyst at Citigroup. From Spain, Jose Luis Martinez Campuzano, this same firm, has clarified that currently the only ones who have the ability to take the steps necessary to stop the turmoil are the central banks. In particular, the ECB and the Bank of England. In his opinion, "is now only of words and gestures of confidence in the future."
Within two weeks, the G-20 summit to be held in Mexico and which also involve the emerging, it is assumed that continued pressure for Europe to move tab, which is brought directly to Germany to open the hand . "We insist on our proposal that the European countries that have room to stimulate the economy (...) so now," said in this respect a senior official of the Brazilian Government.
7大経済強国の経済大臣は、ギリシアとスペインの銀行破綻寸前の金融危機を対策するため映像会議を2012/06/05に開催
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