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欧州委員会は、スペインの銀行再編基金をとうしての欧州救済基金からの1000億0000'0000ユーロの融資で、不良債権で破綻寸前の銀行を、資本増強して救済する事を、財政赤字の縮小を条件に
Bruselas vincula el rescate al ajuste del déficit público
La Comisión desmiente a Rajoy y avisa que el crédito se parará si se incumplen los objetivos
Schäuble insiste en que la troika vigilará y Almunia advierte de que existen condiciones
La Bolsa mejora pero la deuda vuelve a empeorar con la prima de riesgo sobre los 500 puntos
Los Gobiernos más duros presionan para imponer condiciones estrictas
Claudi Pérez / El País Bruselas / Madrid11 JUN 2012 - 00:50 CET
Brussels links the rescue by setting deficit
The Commission denies Rajoy and warns that credit will stop if the objectives are breached
Schäuble emphasized that the troika will monitor and Almunia warned that conditions exist
The debt stock improvement but gets worse with the risk premium on the 500 points
Governments are pushing for tougher impose strict conditions
Check out the special on the crisis of the euro
Claudi Perez / The Country Brussels / Madrid 11 JUN 2012 - 00:50 CET
The Commission denies Rajoy and warns that credit will stop if the objectives are breached
Schäuble emphasized that the troika will monitor and Almunia warned that conditions exist
The debt stock improvement but gets worse with the risk premium on the 500 points
Governments are pushing for tougher impose strict conditions
Check out the special on the crisis of the euro
Claudi Perez / The Country Brussels / Madrid 11 JUN 2012 - 00:50 CET
Spain refused to seek European support to the end, until it became clear that across the euro area was on the side of Germany, the side of those who thought it best a bailout to prevent a financial accident. The Moncloa then initiated a strategy to minimize the damage, endorsed on Sunday by President Mariano Rajoy, to avoid at all costs ransom call to the credit of up to 100,000 million to the State to clean up the banks. And there began to reject conditionality attached to aid beyond linked to the bank. Rajoy and his team refused three times, dismissed any rescue, there are international pressures and that there are conditions beyond the bench. This is a maneuver "domestic policy", but supports "are closely related to the implementation of the Stability Pact, whatever it says the government," EU sources said Sunday. Economic Affairs spokesman, Amadeo Altafaj, confirmed this morning that more debt means more rigor, because "every dollar that goes to a growing debt is a dollar that can not be spent on productive spending," which slows recovery.
In other words, Spain has less freedom from Saturday. Less sovereignty with its financial system, but also less fiscal sovereignty: surveillance was and will remain very close, but the consequences of breaching agreements with Brussels will now be more serious, with the closing of the tap to the banks. That despite the bailout is a typical community play: it allows the executive to save face, it takes days clinging to euphemisms, but also the toughest countries, Germany and its satellites, whose governments wield and those conditions that are still to know.
more informationSpain calls for bank bailoutRajoy: "If we had not done their homework, we would have intervened"Europe puts the Spanish public accounts under strict surveillanceIreland and Portugal pressed to renegotiate the rescueWhat affects me the rescue?VIDEO: Ontiveros, "alienate greater evils"Spain wins a battle to the market, but the war continuesAlmunia: "Of course there will be conditions"Germany claims to be a 'troika' to control the rescue for SpainAll information about the bailout
In this sense, the German Federal Finance Minister, Wolfgang Schäuble, has said this morning that the troika of the European Union Commission (EU), the International Monetary Fund (IMF) and European Central Bank (ECB) will monitor the bank restructuring in Spain. "There will be a troika. Arrange to precisely control the compliance program," said Schäuble told the public broadcaster Deutschlandfunk two days after the passage of the bailout. In the same vein, the European Commissioner for Competition, Joaquin Almunia, has warned that "of course there will be conditions" in exchange for the financial sector credit. "He who gives money gives never free," he argued.
As for the reaction of the markets, Spain's decision to seek assistance from its partners to recapitalize banks has led to significant increases in the stock market, where Spanish Ibex 35 has managed to pick up more than 5% at the opening with a significant volume of business and banking fired. The rally took place last week after achieving its best week of the year in part because the activation of the aid forced the investors who bet against the selective assets to close their short positions. However, progress has slowed with the passing hours. At 1330 and only rose 1.3%.
As for the debt, the risk premium after starting the day well with a strong improvement trend has changed as the session progressed. Just after 13.00, the premium required of 10-year Spanish bonds against the Germans, has once again outperformed the benchmark of 500 basis points. The correction has been felt also in shorter-term debt.
Sources familiar with the discussions within the Eurogroup explained that Spain was, in fact, fully involved in an austerity program. In the last two years has applied heavy spending cuts, tax increases, labor market reforms, pensions and financial system, and has been forced to apply a great snip in the deficit that has nothing to envy to Portugal, Greece or Ireland. Thanks to all that has successfully expanded a year cut the deficit to 3% of GDP sacrosanct. Brussels to Spain had imposed an austerity program without ransom, now has a rescue without austerity program, "because in fact already being implemented," they said diplomatic sources.
Banks come to the aid will be forced to implement severe restructuring. But Spain, in turn, unlike the contentions of the Government, shall comply strictly with the Stability Pact, which sets the 3% deficit by 2014. Also, with the recommendations of the Commission: VAT increase, acceleration in delaying the retirement age, control of spending in the communities or hardening of unemployment benefits. All that is assumed in Brussels, which in any case could give a shot in Spain in this respect by not interest computed as deficits associated with bank credit as has happened in other countries rescued.
Vice President Olli Rehn said on Sunday that the rescue is not "new conditions" in other areas, beyond the banks, because "it is not at any price save banks or bankers or shareholders," added this morning his said. Spain must apply "normal political conditionality in the context of strengthened economic governance of the EU," he said, in short, the same intense scrutiny, with numerous expert missions but with one caveat: if you default, the problems will be greater . "The conditions will not be known until a few days but will be focused on the financial sector. However, breaches of the Stability Pact so far meant opening the proceedings, perhaps the threat of a penalty. From rescue may involve closing the loan, according to the rules of the bailout fund, "explained Community sources.
The Commission took the Eurogroup a draft of the bailout much like the final text, even with the agreed figure. The conference served to begin to discuss the conditions and to confirm a few things. "Germany was very constructive," according to European sources. "The Netherlands and Finland, however, made it clear they want guarantees and strict conditions," the sources said.
As for the interest to be paid by Spain for its debt, the European spokesman has said that a return of between 3% and 4% "is a reasonable percentage" which is far from current market conditions, where investors claim more than 6% for Spanish debt to 10 years. At these prices, he added Alfataj would increase the cost of restructuring, so that the state obtained with the aid plan "potential savings". In terms of timing, we should expect to sign the Memorandum of Spain help in achieving this.
The next two weeks will be key: Ireland, Portugal and Greece claim milder conditions, the Spanish. The countries hardest try to tighten the nuts on the memorandum of Spanish rescue conditions to prevent this spillover effect in Dublin, Lisbon and Athens. In short, what the president Felipe González called as a decision-making "devilishly effective", with the sword of Damocles of the markets on Spain from this Monday.
In other words, Spain has less freedom from Saturday. Less sovereignty with its financial system, but also less fiscal sovereignty: surveillance was and will remain very close, but the consequences of breaching agreements with Brussels will now be more serious, with the closing of the tap to the banks. That despite the bailout is a typical community play: it allows the executive to save face, it takes days clinging to euphemisms, but also the toughest countries, Germany and its satellites, whose governments wield and those conditions that are still to know.
more informationSpain calls for bank bailoutRajoy: "If we had not done their homework, we would have intervened"Europe puts the Spanish public accounts under strict surveillanceIreland and Portugal pressed to renegotiate the rescueWhat affects me the rescue?VIDEO: Ontiveros, "alienate greater evils"Spain wins a battle to the market, but the war continuesAlmunia: "Of course there will be conditions"Germany claims to be a 'troika' to control the rescue for SpainAll information about the bailout
In this sense, the German Federal Finance Minister, Wolfgang Schäuble, has said this morning that the troika of the European Union Commission (EU), the International Monetary Fund (IMF) and European Central Bank (ECB) will monitor the bank restructuring in Spain. "There will be a troika. Arrange to precisely control the compliance program," said Schäuble told the public broadcaster Deutschlandfunk two days after the passage of the bailout. In the same vein, the European Commissioner for Competition, Joaquin Almunia, has warned that "of course there will be conditions" in exchange for the financial sector credit. "He who gives money gives never free," he argued.
As for the reaction of the markets, Spain's decision to seek assistance from its partners to recapitalize banks has led to significant increases in the stock market, where Spanish Ibex 35 has managed to pick up more than 5% at the opening with a significant volume of business and banking fired. The rally took place last week after achieving its best week of the year in part because the activation of the aid forced the investors who bet against the selective assets to close their short positions. However, progress has slowed with the passing hours. At 1330 and only rose 1.3%.
As for the debt, the risk premium after starting the day well with a strong improvement trend has changed as the session progressed. Just after 13.00, the premium required of 10-year Spanish bonds against the Germans, has once again outperformed the benchmark of 500 basis points. The correction has been felt also in shorter-term debt.
Sources familiar with the discussions within the Eurogroup explained that Spain was, in fact, fully involved in an austerity program. In the last two years has applied heavy spending cuts, tax increases, labor market reforms, pensions and financial system, and has been forced to apply a great snip in the deficit that has nothing to envy to Portugal, Greece or Ireland. Thanks to all that has successfully expanded a year cut the deficit to 3% of GDP sacrosanct. Brussels to Spain had imposed an austerity program without ransom, now has a rescue without austerity program, "because in fact already being implemented," they said diplomatic sources.
Banks come to the aid will be forced to implement severe restructuring. But Spain, in turn, unlike the contentions of the Government, shall comply strictly with the Stability Pact, which sets the 3% deficit by 2014. Also, with the recommendations of the Commission: VAT increase, acceleration in delaying the retirement age, control of spending in the communities or hardening of unemployment benefits. All that is assumed in Brussels, which in any case could give a shot in Spain in this respect by not interest computed as deficits associated with bank credit as has happened in other countries rescued.
Vice President Olli Rehn said on Sunday that the rescue is not "new conditions" in other areas, beyond the banks, because "it is not at any price save banks or bankers or shareholders," added this morning his said. Spain must apply "normal political conditionality in the context of strengthened economic governance of the EU," he said, in short, the same intense scrutiny, with numerous expert missions but with one caveat: if you default, the problems will be greater . "The conditions will not be known until a few days but will be focused on the financial sector. However, breaches of the Stability Pact so far meant opening the proceedings, perhaps the threat of a penalty. From rescue may involve closing the loan, according to the rules of the bailout fund, "explained Community sources.
The Commission took the Eurogroup a draft of the bailout much like the final text, even with the agreed figure. The conference served to begin to discuss the conditions and to confirm a few things. "Germany was very constructive," according to European sources. "The Netherlands and Finland, however, made it clear they want guarantees and strict conditions," the sources said.
As for the interest to be paid by Spain for its debt, the European spokesman has said that a return of between 3% and 4% "is a reasonable percentage" which is far from current market conditions, where investors claim more than 6% for Spanish debt to 10 years. At these prices, he added Alfataj would increase the cost of restructuring, so that the state obtained with the aid plan "potential savings". In terms of timing, we should expect to sign the Memorandum of Spain help in achieving this.
The next two weeks will be key: Ireland, Portugal and Greece claim milder conditions, the Spanish. The countries hardest try to tighten the nuts on the memorandum of Spanish rescue conditions to prevent this spillover effect in Dublin, Lisbon and Athens. In short, what the president Felipe González called as a decision-making "devilishly effective", with the sword of Damocles of the markets on Spain from this Monday.
欧州委員会は、スペインの銀行再編基金をとうしての欧州救済基金からの1000億0000'0000ユーロの融資で、不良債権で破綻寸前の銀行を、資本増強して救済する事を、財政赤字の縮小を条件に
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