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ドイツ連邦政府は、地方政府が共同で債券を発行するのを許可
Alemania permitirá la emisión conjunta de deuda para sus regiones
Los expertos creen que la medida podría servir de modelo para los eurobonos
Germany will allow the joint issuance of debt for their regions
Experts believe that the measure could serve as a model for Eurobonds
Juan Gomez Berlin 2 JUL 2012 - 00:35 CET
Experts believe that the measure could serve as a model for Eurobonds
Juan Gomez Berlin 2 JUL 2012 - 00:35 CET
The great debate on the future of the euro and the institutions that sustain it in Germany has eclipsed discreet discussion, however, is closely related: the 16 federal states have ensured that the central government guarantees a portion of its debt. From 2013, the Länder may sell bonds to regional conditions much more favorable, thanks to the excellent credit ratings by international agencies that grant the Federal Republic of Germany. Is the first time that Germany issued debt in this way, described in some media as bonuses Germany. Some analysts believe that this new way of borrowing money in financial markets could be a model for future joint debt issues in the eurozone.
The central government insists that this new German model will not end the traditionally strict separation between federal debt and emitting states. Treasury spokesman Martin Kotthaus said that "there will be no joint guarantee of the debt, but each liable for their part" proportional debt acquired. States are pushing a decade successive central governments to share with them the good credit rating it enjoys Germany.
In recent months, the federal Treasury debt placed at bargain prices and has come to take free money. The German federal bond value remains a refuge from the debt crisis plaguing its main European partners, but only two Länder (the prosperous southern states of Bavaria and Baden-Württemberg) get top marks today the major rating agencies risk.
One wonders, therefore, if the new bonds will do any good if Germany are issued under the conditions described by Kotthaus. The Government gives the example of so-called jumbo-bonds issued over 20 years, several federal states. Operate on the principle above, but cheaper costs through increased liquidity they obtain. Were auctioned in June jumbo 10-year bonds by 1,500 million euros, with a yield of 2.02%. This, although several Länder have serious budget problems. The German federal bonds to 10 years offer a 1.5% interest.
Several experts have pointed out these days that the passage suggests a change of attitude in the often tight fiscal policy in Germany. The hawks of budgetary discipline believe that the move could encourage expansionary policies in the regions ruled by center-left parties to form the opposition in Berlin. The coalition between the Christian Democrats (CDU / CSU) and Liberals (FDP) Angela Merkel chaired remember, however, that the German Basic Law requires the harmonization of fiscal policies through a debt ceiling.
European debt
But while the new bonds Germany hope to convince investors that the debt of the States is as safe as Federal Chancellor Merkel devoted all his energies to fighting the proposed joint European debt. Claims that would give "wrong incentives" to countries with debt problems. However, five Länder (Berlin, Bremen, Saarland, Saxony-Anhalt and Schleswig-Holstein) have such pressing budgetary problems that depend on aid from the rest multimillion not to break. The contradiction between fiscal policy and European home is obvious.
A report by the firm sandard & Poor's possible that these bonds are a prelude to German Eurobonds seeking some euro countries like Italy or France.
The central government insists that this new German model will not end the traditionally strict separation between federal debt and emitting states. Treasury spokesman Martin Kotthaus said that "there will be no joint guarantee of the debt, but each liable for their part" proportional debt acquired. States are pushing a decade successive central governments to share with them the good credit rating it enjoys Germany.
In recent months, the federal Treasury debt placed at bargain prices and has come to take free money. The German federal bond value remains a refuge from the debt crisis plaguing its main European partners, but only two Länder (the prosperous southern states of Bavaria and Baden-Württemberg) get top marks today the major rating agencies risk.
One wonders, therefore, if the new bonds will do any good if Germany are issued under the conditions described by Kotthaus. The Government gives the example of so-called jumbo-bonds issued over 20 years, several federal states. Operate on the principle above, but cheaper costs through increased liquidity they obtain. Were auctioned in June jumbo 10-year bonds by 1,500 million euros, with a yield of 2.02%. This, although several Länder have serious budget problems. The German federal bonds to 10 years offer a 1.5% interest.
Several experts have pointed out these days that the passage suggests a change of attitude in the often tight fiscal policy in Germany. The hawks of budgetary discipline believe that the move could encourage expansionary policies in the regions ruled by center-left parties to form the opposition in Berlin. The coalition between the Christian Democrats (CDU / CSU) and Liberals (FDP) Angela Merkel chaired remember, however, that the German Basic Law requires the harmonization of fiscal policies through a debt ceiling.
European debt
But while the new bonds Germany hope to convince investors that the debt of the States is as safe as Federal Chancellor Merkel devoted all his energies to fighting the proposed joint European debt. Claims that would give "wrong incentives" to countries with debt problems. However, five Länder (Berlin, Bremen, Saarland, Saxony-Anhalt and Schleswig-Holstein) have such pressing budgetary problems that depend on aid from the rest multimillion not to break. The contradiction between fiscal policy and European home is obvious.
A report by the firm sandard & Poor's possible that these bonds are a prelude to German Eurobonds seeking some euro countries like Italy or France.
ドイツは、その地域の債務の共同発行を許可します
専門家は、措置がユーロ債のモデルとなりうると信じている
フアン·ゴメスベルリン2 JUL 2012 - 0時35分CET
専門家は、措置がユーロ債のモデルとなりうると信じている
フアン·ゴメスベルリン2 JUL 2012 - 0時35分CET
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