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España confía en que Alemania acepte ayudas directas a los bancos
El Gobierno español confirma el acercamiento de Berlín tras la reunión de anoche en París
Madrid, París y Roma presionan a Alemania para que la propuesta se debata en la cumbre
Hollande y Merkel buscan cerrar hoy en el Elíseo un acuerdo para garantizar el futuro del euro
París subraya que la relación es fluida y confía en aprobar el documento de Van Rompuy
Claudi Pérez / Miguel Mora Bruselas / París27 JUN 2012 - 19:53 CET
Spain hopes that Germany will accept direct payments to banks
The Spanish Government confirms the approach of Berlin after the meeting last night in Paris
Madrid, Paris and Rome pressure on Germany to discuss the proposal at the summit
Hollande and Merkel close look at the Elysee today an agreement to guarantee the future of the euro
Paris stresses that the relationship is fluid and confident to pass the document Van Rompuy
Claudi Perez / Miguel Mora Brussels / Paris 27 JUN 2012 - 19:53 CET
The Spanish Government confirms the approach of Berlin after the meeting last night in Paris
Madrid, Paris and Rome pressure on Germany to discuss the proposal at the summit
Hollande and Merkel close look at the Elysee today an agreement to guarantee the future of the euro
Paris stresses that the relationship is fluid and confident to pass the document Van Rompuy
Claudi Perez / Miguel Mora Brussels / Paris 27 JUN 2012 - 19:53 CET
Spain and Italy are, at this time, two of the biggest unknowns before the European Council tomorrow and. The pressure is highest in markets and also in the preparatory meetings for the summit: Madrid, Rome, Paris and Berlin met last night to try to advance and agreed to make substantial steps in relation to union bank. Spanish government sources said this newspaper that the four largest euro countries closer positions. Madrid already has that Germany accept direct recapitalization of banks, according to sources cited. This is an option that Spain seeks to hard and you have the support of France and Italy with a view to the summit tomorrow and Friday. The question is what the final position of the Government of Berlin and its satellite countries.
The Economy Minister Luis De Guindos, left yesterday "satisfied" of the meeting in Paris with Pierre Moscovici (France), Wolfgang Schäuble (Germany) and Vittorio Grilli (Italy) and was also Olli Rehn, Commission Vice President , according to a spokesman of Economics. "We will take steps towards a union bank in the Brussels summit of the need to give clear and unambiguous signals," she said. Other sources noted that the pressures are greatest for Berlin to accept direct recapitalization of banks in exchange for strict conditionality in the financial system and ensure that Schäuble has already opened that door in private, although it has not changed in public discourse. Faced with the confidence of the Spanish government about the possibility of direct recapitalization of banks see the light day or two, which could arrive in time for part of the rescue, a spokesman for the German Finance Ministry said Berlin " does not comment on internal discussions "and would not confirm that approach.
Angela Merkel's government believes that, overall, it is difficult to imagine any action that would circumvent the three points which it considers essential: that a State is not responsible for ensuring the money given that the rescue mechanism to take risks direct banks or intervention occurs without conditionality, indicate the same sources.
The articles of the treaty establishing the European bailout fund can be created other mechanisms with different rules, which would open a crack to launch direct recapitalization of banks without a change in constitutional texts, something which require re-vote in Parliament who have passed and rescue mechanisms. Spain, with the explicit support of France, and prevent a substantial increase in public debt (up to 10 points of GDP, which would reach and the European average) and get a break from the markets. But the thesis of Germany's always the same: no money for no consideration and strict conditionality is necessary for the Spanish financial system, as well as tax compliance obligations has become the recommendations of the Commission (VAT hike, pensions , unemployment, etc.).
Spain formally requested aid on Monday and his condition will be ready around July 9. Madrid has sought to delay the most of that credit line to push the negotiation of the terms of assistance. The Government's aim is that the bank rescue is launched with the current arrangements (the rescue fund temporary or permanent structure, if you are ready on time), which is receiving the first tranche of aid through State. Over time, however, expected to jump to the new formula provided direct recapitalization European partners decide to approve the substantial change in bailout funds. This is not a technicality: it is a substantial debate because it involves a significant increase in the Spanish public debt (in the first case) and therefore more doubts in the markets. However, eliminating at a stroke many of these uncertainties with direct aid to the bench, not computarían as public debt.
more informationMerkel travels to Paris to iron out differences before the European summitThe EU sets binding advance tax and create a common European TreasuryFeature: A way out, pleaseSee the SPECIAL about the euro crisis and the bailout of Spain
According to French sources who closely follow the negotiations of the summit, Paris will insist that Europe must help directly to the Spanish banks and not the State. In addition, the Executive supports François Hollande to open the hand with the Spanish deficit and defend the European bailout funds to buy debt in the secondary market to halt the pressure against the virtuous countries (plus Italy to Spain), although this possibility is very green. However, we also are aware that Germany and its partners in the North do not give at the moment. The reason, according to diplomatic sources suggest, is that "some capitals are very upset with the way in which Madrid has informed the process of helping their banks." Have the same impression in Brussels
In any case, France is pragmatic and does not proceed to accuse anyone. Considers that the Spanish case, with the announcement of the rescue precipitate matters worse, he has taught a lesson that must be resolved urgently: "Spanish banks are touched because they have mismanaged their real estate assets and also possess toxic sovereign debt," said an official source gala. "But we have seen to help the state only serves to increase the debt and that this exacerbates the problem," he explains. Capitalize directly to entities that would avoid this vicious circle is that the State sicker rescued by borrowing more, "he adds.
Chancellor Hollande visit this afternoon at the Elysee. Both will make a statement to the 19.15 and then maintain a working dinner. After two weeks of intense negotiations, Paris believes in line with the optimism that exudes the Spanish Government that "the consensus is very close to Berlin" and show their conviction that the Council approve the final declaration Friday 29 "very similar" to the document developed by Herman Van Rompuy. Paris says this paper, still in discussion with several bands, should be finished tonight. Even the timing of the summit is already attached and detailed to leave nothing to chance and to allow time to go Merkel to present the results on 29 of the Bundestag.
"Measures will approve short and medium term to overcome the crisis of the euro and clear the future of the single currency," say sources close to Hollande, who deny that there are large differences with Germany and remember that there is already agreement on the need " deepen fiscal and banking union, and, above all, to increase the control mechanisms of the financial system quickly. " Paris believes that what has happened with the banks in Spain "can not happen again" and try to satisfy also the Italian prime minister, Mario Mont, promoting measures to deepen the Single Market and buy sovereign debt. The formula is to be seen, although Paris warns that there will be gifts to the poor managers: "There will be an open window for everyone but if you give a clear perspective and a political message of help to lower spreads on the debt."
The philosophy of the overall agreement is clear and large and features have been agreed between Berlin and Paris, as recalls because a source close to the Elysee, "many things that now are things that we talked and talked in the nineties." The EU wants to move towards a greater respect for the rules, greater political unity, greater solidarity and more tight control of financial institutions "so they do not complicate the progress of the real economy."
Paris takes for granted that by the end of year a new system of financial control and centralized supervision of European banks. The doubts are rather technical. What tools to use and how to give legal validity to the speed it needs the critical situation facing the eurozone.
On the agenda of the summit, the first day will be discussed in 27 and the second at 17. First agree on urgent measures to boost the activity-the so-called growth package presented in Rome, with 130,000 million investment and stimulus-, and also discuss the project-medium term bonds, with the initial idea to include in the budget Europe 2014-2020.
There will also be an agreement, claimed by Italy, to protect European production, and will kick off the financial rate due to come into force in 2013. The new instruments of fiscal integration, according to Paris, will be ready in the second half of 2013. The question is whether they will euroletras, Eurobonds, or a sinking fund debt, which is the formula that prefer to Germany. Despite the statement, so dramatically Southern, in which Merkel stressed Tuesday that Eurobonds come after his death, Paris has no doubt that Berlin will budge. And a senior Gallo ironically: "He meant his political death, not their clinical death."
Which leads to more legal uncertainty is the kind of text to be approved at the summit. France warns that budget will only approve the treaty if political conditions are sufficient: that is, if you get the counterparts Hollande considers essential to forge a great "growth pact" and stability. Paris presented, as promised for months Hollande, its proposed written agreement, and the Council must approve or not. But today is not yet known whether it will be a separate text, a mere annex to the fiscal pact, or even if that great growth pact pact absorb the discipline.
According to the Elysee, "if all things together as a whole, which is what France expected, it would change the whole meaning of the fiscal pact and change its nature." The ratification would open complicated scenarios.
In the interview this evening at the Elysee, the president's men are shown fully confident. "The relationship is very professional, very serious, both are fully aware of their responsibility and there is understanding in almost everything. Merkel and Hollande have spoken too often on the phone and the two teams work very smooth and friendly. What has changed is that the decision-making method is different, more regular and methodical than the last. "
The Economy Minister Luis De Guindos, left yesterday "satisfied" of the meeting in Paris with Pierre Moscovici (France), Wolfgang Schäuble (Germany) and Vittorio Grilli (Italy) and was also Olli Rehn, Commission Vice President , according to a spokesman of Economics. "We will take steps towards a union bank in the Brussels summit of the need to give clear and unambiguous signals," she said. Other sources noted that the pressures are greatest for Berlin to accept direct recapitalization of banks in exchange for strict conditionality in the financial system and ensure that Schäuble has already opened that door in private, although it has not changed in public discourse. Faced with the confidence of the Spanish government about the possibility of direct recapitalization of banks see the light day or two, which could arrive in time for part of the rescue, a spokesman for the German Finance Ministry said Berlin " does not comment on internal discussions "and would not confirm that approach.
Angela Merkel's government believes that, overall, it is difficult to imagine any action that would circumvent the three points which it considers essential: that a State is not responsible for ensuring the money given that the rescue mechanism to take risks direct banks or intervention occurs without conditionality, indicate the same sources.
The articles of the treaty establishing the European bailout fund can be created other mechanisms with different rules, which would open a crack to launch direct recapitalization of banks without a change in constitutional texts, something which require re-vote in Parliament who have passed and rescue mechanisms. Spain, with the explicit support of France, and prevent a substantial increase in public debt (up to 10 points of GDP, which would reach and the European average) and get a break from the markets. But the thesis of Germany's always the same: no money for no consideration and strict conditionality is necessary for the Spanish financial system, as well as tax compliance obligations has become the recommendations of the Commission (VAT hike, pensions , unemployment, etc.).
Spain formally requested aid on Monday and his condition will be ready around July 9. Madrid has sought to delay the most of that credit line to push the negotiation of the terms of assistance. The Government's aim is that the bank rescue is launched with the current arrangements (the rescue fund temporary or permanent structure, if you are ready on time), which is receiving the first tranche of aid through State. Over time, however, expected to jump to the new formula provided direct recapitalization European partners decide to approve the substantial change in bailout funds. This is not a technicality: it is a substantial debate because it involves a significant increase in the Spanish public debt (in the first case) and therefore more doubts in the markets. However, eliminating at a stroke many of these uncertainties with direct aid to the bench, not computarían as public debt.
more informationMerkel travels to Paris to iron out differences before the European summitThe EU sets binding advance tax and create a common European TreasuryFeature: A way out, pleaseSee the SPECIAL about the euro crisis and the bailout of Spain
According to French sources who closely follow the negotiations of the summit, Paris will insist that Europe must help directly to the Spanish banks and not the State. In addition, the Executive supports François Hollande to open the hand with the Spanish deficit and defend the European bailout funds to buy debt in the secondary market to halt the pressure against the virtuous countries (plus Italy to Spain), although this possibility is very green. However, we also are aware that Germany and its partners in the North do not give at the moment. The reason, according to diplomatic sources suggest, is that "some capitals are very upset with the way in which Madrid has informed the process of helping their banks." Have the same impression in Brussels
In any case, France is pragmatic and does not proceed to accuse anyone. Considers that the Spanish case, with the announcement of the rescue precipitate matters worse, he has taught a lesson that must be resolved urgently: "Spanish banks are touched because they have mismanaged their real estate assets and also possess toxic sovereign debt," said an official source gala. "But we have seen to help the state only serves to increase the debt and that this exacerbates the problem," he explains. Capitalize directly to entities that would avoid this vicious circle is that the State sicker rescued by borrowing more, "he adds.
Chancellor Hollande visit this afternoon at the Elysee. Both will make a statement to the 19.15 and then maintain a working dinner. After two weeks of intense negotiations, Paris believes in line with the optimism that exudes the Spanish Government that "the consensus is very close to Berlin" and show their conviction that the Council approve the final declaration Friday 29 "very similar" to the document developed by Herman Van Rompuy. Paris says this paper, still in discussion with several bands, should be finished tonight. Even the timing of the summit is already attached and detailed to leave nothing to chance and to allow time to go Merkel to present the results on 29 of the Bundestag.
"Measures will approve short and medium term to overcome the crisis of the euro and clear the future of the single currency," say sources close to Hollande, who deny that there are large differences with Germany and remember that there is already agreement on the need " deepen fiscal and banking union, and, above all, to increase the control mechanisms of the financial system quickly. " Paris believes that what has happened with the banks in Spain "can not happen again" and try to satisfy also the Italian prime minister, Mario Mont, promoting measures to deepen the Single Market and buy sovereign debt. The formula is to be seen, although Paris warns that there will be gifts to the poor managers: "There will be an open window for everyone but if you give a clear perspective and a political message of help to lower spreads on the debt."
The philosophy of the overall agreement is clear and large and features have been agreed between Berlin and Paris, as recalls because a source close to the Elysee, "many things that now are things that we talked and talked in the nineties." The EU wants to move towards a greater respect for the rules, greater political unity, greater solidarity and more tight control of financial institutions "so they do not complicate the progress of the real economy."
Paris takes for granted that by the end of year a new system of financial control and centralized supervision of European banks. The doubts are rather technical. What tools to use and how to give legal validity to the speed it needs the critical situation facing the eurozone.
On the agenda of the summit, the first day will be discussed in 27 and the second at 17. First agree on urgent measures to boost the activity-the so-called growth package presented in Rome, with 130,000 million investment and stimulus-, and also discuss the project-medium term bonds, with the initial idea to include in the budget Europe 2014-2020.
There will also be an agreement, claimed by Italy, to protect European production, and will kick off the financial rate due to come into force in 2013. The new instruments of fiscal integration, according to Paris, will be ready in the second half of 2013. The question is whether they will euroletras, Eurobonds, or a sinking fund debt, which is the formula that prefer to Germany. Despite the statement, so dramatically Southern, in which Merkel stressed Tuesday that Eurobonds come after his death, Paris has no doubt that Berlin will budge. And a senior Gallo ironically: "He meant his political death, not their clinical death."
Which leads to more legal uncertainty is the kind of text to be approved at the summit. France warns that budget will only approve the treaty if political conditions are sufficient: that is, if you get the counterparts Hollande considers essential to forge a great "growth pact" and stability. Paris presented, as promised for months Hollande, its proposed written agreement, and the Council must approve or not. But today is not yet known whether it will be a separate text, a mere annex to the fiscal pact, or even if that great growth pact pact absorb the discipline.
According to the Elysee, "if all things together as a whole, which is what France expected, it would change the whole meaning of the fiscal pact and change its nature." The ratification would open complicated scenarios.
In the interview this evening at the Elysee, the president's men are shown fully confident. "The relationship is very professional, very serious, both are fully aware of their responsibility and there is understanding in almost everything. Merkel and Hollande have spoken too often on the phone and the two teams work very smooth and friendly. What has changed is that the decision-making method is different, more regular and methodical than the last. "
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