ギリシアへの437億0000'0000ユーロの\緊急\融資は、スペインに、2020年までに毎年2000万0000ユーロづつ17億0000'0000ユーロ掛る
El desbloqueo de la ayuda a Grecia cuesta 1.700 millones de euros a España
El coste medio anual será de 200 millones de euros hasta 2020
En parte, el coste responde a la bajada de intereses a los préstamos bilaterales a los griegos
España: Prestar barato, tomar prestado caro
El País / Agencias Madrid 27 NOV 2012 - 20:10 CET
Unlocking aid to Greece cost 1,700 million euros to Spain
The average annual cost of 200 million euros by 2020
In part, the cost of responding to lower interest bilateral loans to the Greeks
Spain: Providing cheap, expensive borrowing
The Country / Agencies Madrid 27 NOV 2012 - 20:10 CET
The political agreements reached on Tuesday to unlock 43,700 million emergency aid for Greece bailout Spain will cost about 1,700 million euros at the rate of an average annual cost of about 200 million by 2020. Economy Ministry sources have explained that this is the impact it will have the agreements reached early Tuesday by eurozone countries and the International Monetary Fund (IMF), after nearly 13 hours of negotiations at the last meeting.
The euro countries and the IMF have pledged to reduce by 20 points of GDP helena debt, but without resorting to time to remove. To achieve this, we adopt a series of measures such as reducing interest rates and lengthening of loan maturities to Athens and debt repurchase program. The agreement was made possible after the IMF aceptara relax the goal of reducing Greece's debt to 124% in 2020, instead of 120% had demanded so far considered the threshold of sustainability.
Spain: Providing cheap, expensive borrowing
COUNTRY
The eurozone countries agreed yesterday to lower interest rates to those who lent money to Greece. The interest of 1.5 points over three-month Euribor (150 bp) that was agreed to support, shall be reduced by 1 point (100 basis points). Furthermore, in 15 years stretches the repayment period of all loans and 10 years behind in payment by Athens' interests loans bailout fund. Gone are the initial interest to those agreed at the start of rescue loans to Greece, which were to Euribor 3 points.
With the new conditions, but everything indicates that Spain will be expensive the bailout of Greece, and you're taking money from the market to a much greater interest to you then it gives the Hellenic nation. The Euribor, which are referenced index also most mortgages fluctuates constantly. Taking the three-month rate on Wednesday, is 0.189. In addition to interest of 0.5 points agreed by the Eurogroup yesterday, means that Greece will return to Spain to 0.68 interest money, with a very long period. However, Spain, to lend money to Greece comes to markets, and pay much more for it. Last week, for example, the Treasury issued 3,880 million euros in bonds to three, five and 10 years. The longer-term bonds were placed at 5.5 interest. As for short-term issues, the Treasury caught on Tuesday 4.087 million euros in letters at 3 and 6 months, and paid investors 1.3% and 1.7% respectively.
In return, the eurozone countries agree to put the Greek debt "substantially below" the 110% of GDP in 2022. To do this, are willing to consider "further measures and assistance" provided that Athens fulfills all the conditions laid down in the bailout program. This means, according to various reports in recent days that the Eurogroup could consider a haircut on loans to Greece in 2015.
However, for now the eurozone countries have been limited to agreeing a reduction of 100 basis points (to place it in the Euribor plus 50 basis points) in the interest of bilateral loans to Greece. This measure was fought for Ireland and Portugal have also been rescued. Furthermore, in 15 years stretches the repayment period of all loans and 10 years behind in payment by Athens' interests loans bailout fund (which is 44,000 million euros, according to the director of the bailout fund, Klaus Regling).
Finally, the European Central Bank (ECB) will transfer to domestic banks made profits on Greek bonds (about 11,000 million, according to various estimates) having in his possession and these in turn give them to Greece.
Moreover, in the coming days will start a program to buy bonds in private hands by Greece with European funding. The IMF will wait to see how much gets this measure to reduce the Greek debt burden before shelling out their part of the next tranche of aid, as explained Lagarde, who has made it clear that in no case arises withdraw Greek bailout.
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