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欧州首脳会議で、スペインの銀行救済で欧州金融安定基金からの資本増強のための直接投資が決まる
Europa acuerda la recapitalización directa de la banca española
El fondo de rescate dejará de ser un acreedor preferente
Se flexibilizarán las condiciones para la compra de deuda
Monti: “Ha sido una discusión dura y tensa, pero ha merecido la pena”
L. DONCEL / M. GONZÁLEZ Bruselas29 JUN 2012 - 08:07 CET
Europe agrees on direct recapitalization of Spanish banks
The bailout fund will be a preferred creditor
It will relax the conditions for the purchase of debt
Monti: "It was a tough and tense discussion, but it was worth"
EDITORIAL: 'The urgent need in Europe'
DOWNLOADABLE Summit Declaration of the Eurozone
More information about the rescue of Spanish banks
L. DONCEL / M. GONZALEZ Brussels 29 JUN 2012 - 08:07 CET
The bailout fund will be a preferred creditor
It will relax the conditions for the purchase of debt
Monti: "It was a tough and tense discussion, but it was worth"
EDITORIAL: 'The urgent need in Europe'
DOWNLOADABLE Summit Declaration of the Eurozone
More information about the rescue of Spanish banks
L. DONCEL / M. GONZALEZ Brussels 29 JUN 2012 - 08:07 CET
After more than five-hour meeting, just after four o'clock (CET Spanish), leaders of the 17 euro zone countries have agreed to ease the market pressure on the Spanish and Italian debt, which has carried interest rates paid by both countries to unsustainable levels.
German Chancellor Angela Merkel has finally agreed to the bailout fund to recapitalize Spanish banks directly, but only after the European Central Bank (ECB) to become sole supervisor of financial institutions.
At that time, you can do without the intermediation of the state and therefore eliminate the weight that credit of up to 100,000 million loan to the bank has on the public debt and deficits. No date for the ECB to assume this new role, which is an important step towards union bank, but the proposal should be ready in October with the idea to its launch later this year.
The fund through which to channel the Spanish bank recapitalization in the future, the European Stability Mechanism (MEDE), which is the successor to the European Financial Stability Fund (EFSF) - lose the character of preferential creditor when claiming their debts. This privilege had scared off investors, fearful of being relegated to last place in the event of default, which increased the risk associated with Spanish bonds.
more information'17 Autonomous regions, 17 countries of the euro ', by IÑAKI GABILONDO'The euro is mortal', by Lluís BassetsEDITORIAL: 'The urgent need in Europe'
Finally, the European Council President, Herman Van Rompuy, has announced that it "will relax" the requirements for the two European funds rescue, temporary and permanent, to buy debt in the secondary market in those countries to honor their commitments adjustment and fiscal consolidation. Van Rompuy did not say whether the operation of these funds in the bond market will remain subject to the implementation of a rescue plan with macroeconomic requirements and what the "proper compliance" which, in his words, will lead the bank recapitalization plan.
The agreement, which Italian Prime Minister Mario Monti has received "double satisfaction", contains similar conditions to Italy, the other major economy in the euro with serious difficulties in financing. In addition, Ireland will benefit from similar conditions. The EU leaders have instructed the Commission to set the plan "urgently". Thomas Wieser, head of the Eurogroup Working Group, has said that while Spain will continue to rescue the terms established by, money granted, 100,000 million, and whose final amount will be announced on July 9, can quickly get out public balance sheet once the new supervisor is running.
The Spanish prime minister, Mariano Rajoy, would not comment on the agreement, but left the European Council headquarters visibly pleased, while Italian Prime Minister, Mario Monti acknowledged that the discussion had been "hard and full of moments of tension" , but "it was worth," he said.
Rajoy and Monti had been caught in the afternoon to the other leaders to veto the adoption of the plan for growth in the EU, amounting to 120,000 million euros, equivalent to 1% of EU GDP. Diplomats said that Spain fully supports this plan, but stressed that "it would be much less credible enough" if not accompanied by measures to stabilize "short term" financial markets. In his fight, Monti and Rajoy had the strong support of the new French president, François Hollande.
"All this is useless if we can not fund us," said Rajoy on arrival at the meeting of the European People's Party prior to the summit. Although not known the fine print of the agreement, Rajoy has made progress on all claims raised by her. "I think Spain has reason to be happy," said European Commission President Jose Manuel Durao Barroso.
German Chancellor Angela Merkel has finally agreed to the bailout fund to recapitalize Spanish banks directly, but only after the European Central Bank (ECB) to become sole supervisor of financial institutions.
At that time, you can do without the intermediation of the state and therefore eliminate the weight that credit of up to 100,000 million loan to the bank has on the public debt and deficits. No date for the ECB to assume this new role, which is an important step towards union bank, but the proposal should be ready in October with the idea to its launch later this year.
The fund through which to channel the Spanish bank recapitalization in the future, the European Stability Mechanism (MEDE), which is the successor to the European Financial Stability Fund (EFSF) - lose the character of preferential creditor when claiming their debts. This privilege had scared off investors, fearful of being relegated to last place in the event of default, which increased the risk associated with Spanish bonds.
more information'17 Autonomous regions, 17 countries of the euro ', by IÑAKI GABILONDO'The euro is mortal', by Lluís BassetsEDITORIAL: 'The urgent need in Europe'
Finally, the European Council President, Herman Van Rompuy, has announced that it "will relax" the requirements for the two European funds rescue, temporary and permanent, to buy debt in the secondary market in those countries to honor their commitments adjustment and fiscal consolidation. Van Rompuy did not say whether the operation of these funds in the bond market will remain subject to the implementation of a rescue plan with macroeconomic requirements and what the "proper compliance" which, in his words, will lead the bank recapitalization plan.
The agreement, which Italian Prime Minister Mario Monti has received "double satisfaction", contains similar conditions to Italy, the other major economy in the euro with serious difficulties in financing. In addition, Ireland will benefit from similar conditions. The EU leaders have instructed the Commission to set the plan "urgently". Thomas Wieser, head of the Eurogroup Working Group, has said that while Spain will continue to rescue the terms established by, money granted, 100,000 million, and whose final amount will be announced on July 9, can quickly get out public balance sheet once the new supervisor is running.
The Spanish prime minister, Mariano Rajoy, would not comment on the agreement, but left the European Council headquarters visibly pleased, while Italian Prime Minister, Mario Monti acknowledged that the discussion had been "hard and full of moments of tension" , but "it was worth," he said.
Rajoy and Monti had been caught in the afternoon to the other leaders to veto the adoption of the plan for growth in the EU, amounting to 120,000 million euros, equivalent to 1% of EU GDP. Diplomats said that Spain fully supports this plan, but stressed that "it would be much less credible enough" if not accompanied by measures to stabilize "short term" financial markets. In his fight, Monti and Rajoy had the strong support of the new French president, François Hollande.
"All this is useless if we can not fund us," said Rajoy on arrival at the meeting of the European People's Party prior to the summit. Although not known the fine print of the agreement, Rajoy has made progress on all claims raised by her. "I think Spain has reason to be happy," said European Commission President Jose Manuel Durao Barroso.
