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España pide ayuda y ofrece sacrificios
Rajoy anuncia nuevas medidas económicas “por difíciles que sean”
Bruselas afirma que entre las condiciones se incluye un mayor control del Banco de España
Claudi Pérez / Manuel V. Gómez Bruselas / Madrid26 JUN 2012 - 00:00 CET
Spain asks for help and sacrifice
Rajoy announced new economic measures "however difficult they are"
Brussels says that the conditions include greater control of the Bank of Spain
Claudi Perez / Manuel V. Gomez Brussels / Madrid 26 JUN 2012 - 00:00 CET
Rajoy announced new economic measures "however difficult they are"
Brussels says that the conditions include greater control of the Bank of Spain
Claudi Perez / Manuel V. Gomez Brussels / Madrid 26 JUN 2012 - 00:00 CET
The feeling that the euro is falling to pieces, the impression that it is not this or that country, that is the European edifice that threatens demolition. But first the facts: The government on Monday formally asked the banks to rescue members of the eurozone. Greece, Ireland and Portugal to Spain precede this ominous list of countries that have gone (with little success, for the moment) to the penny-pinching European solidarity, which seamlessly adds as an additional victim.
Cyprus, the small island in the eastern Mediterranean, has been unable to survive the storm Greek and asks for help desperately. Italy is the next scapegoat, and even speculates that Spain has to be operated with a bailout for the entire economy if the next summit, a priori as decisive as the peaks are often agonizing in this crisis, no significant progress achieved. The five rescued or rescue routes totaling 75 million people, one sixth of the GDP of the Eurozone. But the big piece is Spain: he lacked time to Brussels on Monday to remind the Executive that the request carries with it "in parallel" strict control deficit adjustment and reform.
Mariano Rajoy defends the bailout only imposes new conditions for banks, but the same day that the request was made official and in full fear in the markets, the President gave evidence that the message of the Commission is going to mass. "Soon, throughout this year," said Rajoy, "there will be new economic measures, however difficult they are." More sacrifices, finally, after two years of labor reforms, wage cuts, layoffs and tax hikes officials from governments of the PSOE and the PP, which did not prevent Spain is obliged to call for help by the gaping hole he has left on the bench the prick of the brick.
The letter sent to Brussels speaks only of financial terms
In the letter from the Minister of Economy, Luis de Guindos, the Eurogroup Chairman Jean-Claude Juncker, there is only reference to "financial conditionality" that carries the ransom. There is nothing on the adjustment of the deficit and the need for further reform, an issue which itself was reflected in the Eurogroup agreement that led to the request of the rescue. Apparently the idea was to avoid mixing old conditions in the debate (the Spanish government), with new conditions (in banking). Apparently, because the words of Rajoy rearrange the discussion of the conditions on the frontline.
The tactical move Rajoy, will take "big decisions", "difficult as they are" - in such an important day indicates that the Government has already assumed that the suggestions in Brussels have become orders. Vice President of the Commission, Joaquín Almunia, said that all European recommendations are obligations for countries with fiscal imbalances, especially when a rescue puts them under the microscope of its partners. That translated to the Spanish situation, it means the government will have to raise VAT to approve delaying the retirement age earlier than planned or announced Brussels, cede sovereignty supervisors as the Bank of Spain, with its credibility mortally wounded by the continuous attacks of the government itself, and the National Securities Market. No multi-million dollar aid for nothing. "To think that there are countries that give free money is to live outside of reality," snapped Almunia. The Commission, the IMF and the ECB were already over Spain, in a low-intensity intervention that lasts more than two years and resulted in a conversion to the austerity of the former chief executive, José Luis Rodríguez Zapatero, which have continued even tougher cuts by Rajoy. Without success here is the dreaded rescue. Soon, from July 9, will be known European conditions. And while the missions to Spain do not stop: the views of black men will be even more frequent. The next will come this week.
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The Prime Minister, Mariano Rajoy, create "highly unlikely" that the Spanish banks will need up to 62,000 million euros / ATLAS
"I have the honor of addressing you on behalf of the Government of Spain to formally request financial assistance for the recapitalization of the Spanish financial institutions that require it." And so begins the letter Guindos in reaffirming that the institution receiving the money will be the Fund for Orderly Bank Restructuring (FROB), "representing the Government of Spain." That's the biggest drawback that put European credit investors for Spanish banks: the rules require rescue fund to award through the state, leading to a surge in Spanish public debt, already hard hit. Spanish country risk rose again amid fears of investors. To soften this perception, the government has fueled the expectation that direct injection is possible in banking, despite the various rejections of Germany. It is a way blinded in the present, as is acknowledged in the letter to emphasize that the FROB act "on behalf of the government."
Still, Guindos not stop to note that the realization of redemption "will consider the various options available today, and those that can be decided in the future." Grab a handle that if discussions within the EU on how to break the link between bank debt and public debt will soon materialize in some form of agreement, which today is unlikely. A Commission spokesman said in this connection that the current rules of the bailout funds "prevent direct recapitalization of banks", despite the repeated requests of Spain and Italy. This issue will be on the table at the summit this week, under the European banking union project.
Almunia: "To think that there are countries that give free money is to live outside of reality"
The executive turns his limited ability to boot pressure conditions less devalue the value of public debt, to achieve the lowest interest rate (around 4%) and the repayment period widest possible (up to 30 years Executive ruled that although the figure). You should also remains unclear whether this operation will be used for the permanent rescue fund enters into force, something that advocates much of the Eurogroup. The rules of the fund is established priority in recovering in case of default, to the detriment of private investors, which could lead to further punishment of the risk premium. The Government also fight on that front.
As for the amount of the loan, the reference is the recent opinion of the external evaluators, who last week said that Spanish banks require between 51,000 and 62,000 million to recapitalize. May end up being less, the estimate is the result of extreme scenarios, and some entities may raise capital by themselves, but also more: a lack of evaluation entity by entity, you may want to ensure Economics safety cushion. The final figure will be also the result of a negotiation in which Spain is increasingly less room: men in black arrive later this week to Madrid to re-investigate the bank accounts and start talking terms. If nothing changes, the State is ultimately responsible for the "credit line" as the government likes to call the rescue-for banks. The state is here a fancy way of saying the Spanish taxpayer.
Cyprus, the small island in the eastern Mediterranean, has been unable to survive the storm Greek and asks for help desperately. Italy is the next scapegoat, and even speculates that Spain has to be operated with a bailout for the entire economy if the next summit, a priori as decisive as the peaks are often agonizing in this crisis, no significant progress achieved. The five rescued or rescue routes totaling 75 million people, one sixth of the GDP of the Eurozone. But the big piece is Spain: he lacked time to Brussels on Monday to remind the Executive that the request carries with it "in parallel" strict control deficit adjustment and reform.
Mariano Rajoy defends the bailout only imposes new conditions for banks, but the same day that the request was made official and in full fear in the markets, the President gave evidence that the message of the Commission is going to mass. "Soon, throughout this year," said Rajoy, "there will be new economic measures, however difficult they are." More sacrifices, finally, after two years of labor reforms, wage cuts, layoffs and tax hikes officials from governments of the PSOE and the PP, which did not prevent Spain is obliged to call for help by the gaping hole he has left on the bench the prick of the brick.
The letter sent to Brussels speaks only of financial terms
In the letter from the Minister of Economy, Luis de Guindos, the Eurogroup Chairman Jean-Claude Juncker, there is only reference to "financial conditionality" that carries the ransom. There is nothing on the adjustment of the deficit and the need for further reform, an issue which itself was reflected in the Eurogroup agreement that led to the request of the rescue. Apparently the idea was to avoid mixing old conditions in the debate (the Spanish government), with new conditions (in banking). Apparently, because the words of Rajoy rearrange the discussion of the conditions on the frontline.
The tactical move Rajoy, will take "big decisions", "difficult as they are" - in such an important day indicates that the Government has already assumed that the suggestions in Brussels have become orders. Vice President of the Commission, Joaquín Almunia, said that all European recommendations are obligations for countries with fiscal imbalances, especially when a rescue puts them under the microscope of its partners. That translated to the Spanish situation, it means the government will have to raise VAT to approve delaying the retirement age earlier than planned or announced Brussels, cede sovereignty supervisors as the Bank of Spain, with its credibility mortally wounded by the continuous attacks of the government itself, and the National Securities Market. No multi-million dollar aid for nothing. "To think that there are countries that give free money is to live outside of reality," snapped Almunia. The Commission, the IMF and the ECB were already over Spain, in a low-intensity intervention that lasts more than two years and resulted in a conversion to the austerity of the former chief executive, José Luis Rodríguez Zapatero, which have continued even tougher cuts by Rajoy. Without success here is the dreaded rescue. Soon, from July 9, will be known European conditions. And while the missions to Spain do not stop: the views of black men will be even more frequent. The next will come this week.
Send Video
The Prime Minister, Mariano Rajoy, create "highly unlikely" that the Spanish banks will need up to 62,000 million euros / ATLAS
"I have the honor of addressing you on behalf of the Government of Spain to formally request financial assistance for the recapitalization of the Spanish financial institutions that require it." And so begins the letter Guindos in reaffirming that the institution receiving the money will be the Fund for Orderly Bank Restructuring (FROB), "representing the Government of Spain." That's the biggest drawback that put European credit investors for Spanish banks: the rules require rescue fund to award through the state, leading to a surge in Spanish public debt, already hard hit. Spanish country risk rose again amid fears of investors. To soften this perception, the government has fueled the expectation that direct injection is possible in banking, despite the various rejections of Germany. It is a way blinded in the present, as is acknowledged in the letter to emphasize that the FROB act "on behalf of the government."
Still, Guindos not stop to note that the realization of redemption "will consider the various options available today, and those that can be decided in the future." Grab a handle that if discussions within the EU on how to break the link between bank debt and public debt will soon materialize in some form of agreement, which today is unlikely. A Commission spokesman said in this connection that the current rules of the bailout funds "prevent direct recapitalization of banks", despite the repeated requests of Spain and Italy. This issue will be on the table at the summit this week, under the European banking union project.
Almunia: "To think that there are countries that give free money is to live outside of reality"
The executive turns his limited ability to boot pressure conditions less devalue the value of public debt, to achieve the lowest interest rate (around 4%) and the repayment period widest possible (up to 30 years Executive ruled that although the figure). You should also remains unclear whether this operation will be used for the permanent rescue fund enters into force, something that advocates much of the Eurogroup. The rules of the fund is established priority in recovering in case of default, to the detriment of private investors, which could lead to further punishment of the risk premium. The Government also fight on that front.
As for the amount of the loan, the reference is the recent opinion of the external evaluators, who last week said that Spanish banks require between 51,000 and 62,000 million to recapitalize. May end up being less, the estimate is the result of extreme scenarios, and some entities may raise capital by themselves, but also more: a lack of evaluation entity by entity, you may want to ensure Economics safety cushion. The final figure will be also the result of a negotiation in which Spain is increasingly less room: men in black arrive later this week to Madrid to re-investigate the bank accounts and start talking terms. If nothing changes, the State is ultimately responsible for the "credit line" as the government likes to call the rescue-for banks. The state is here a fancy way of saying the Spanish taxpayer.
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