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スペインは、不良債権で破綻寸前の銀行を欧州救済基金から1000億0000'0000ユーロを3%の金利で融資してスペイン銀行再編基金を通して資本増強して救済することを要求
{ 2012年08月ー09月には、スペイン政府は、国債の返済(切り替え)が出来なくなって財政債務で破綻するのは、どうするのだろうか? }
España pide un rescate de hasta 100.000 millones para la banca
El Eurogrupo exige condiciones para los bancos y limitará la soberanía fiscal
Madrid capitula ante Berlín, el BCE, Bruselas, el FMI y Washington
Las ayudas se darán a través del fondo de rescate a tipos en torno al 3%
Claudi Pérez / Luis Doncel Bruselas10 JUN 2012 - 00:38 CET
Spain asks for a ransom of up to 100,000 million for the dealer
The Eurogroup required conditions for banks and limit the fiscal sovereignty
Madrid capitulates to Berlin, the ECB, Brussels, IMF and Washington
The aid is given through the bailout fund at rates around 3%
Eurogroup statement "will be monitored closely to Spain"
See the Special Rapporteur on the debt crisis of the euro
Claudi Perez / Luis Doncel Brussels 10 JUN 2012 - 00:38 CET
The Eurogroup required conditions for banks and limit the fiscal sovereignty
Madrid capitulates to Berlin, the ECB, Brussels, IMF and Washington
The aid is given through the bailout fund at rates around 3%
Eurogroup statement "will be monitored closely to Spain"
See the Special Rapporteur on the debt crisis of the euro
Claudi Perez / Luis Doncel Brussels 10 JUN 2012 - 00:38 CET
There will be even closer surveillance and periodic. Come from black men. The Great Recession, the deepest crisis of capitalism and extended in recent decades, will leave deep scars in its wake by Spain, which became the last frontier of the existential crisis of the euro. Greece fell. Ireland and Portugal fell. And slow motion carried by a bank that financed the mother of all bubbles, falling Spain: Government of Mariano Rajoy, the president disappeared yesterday, expressed his willingness to ask so many times refused rescue of European partners to fencing in the hole uncontrollable financial system.
more informationSpain walks to the bank bailoutHow we got here, Joaquin ESTEFANÍAJuncker calls for a "quick" solution to the crisis of Spanish banksThe IMF anticipates the report which brought about the bank bailout in SpainHow does the European bailout for the financial sector?The full statement of the Eurogroup
Madrid will receive up to 100,000 million euros, 10% of the wealth produced by Spain in one year, in a line of credit for banks only. The Executive and capitulates before the strong international pressure, fearing that the Spanish banks, Greek politics or panic in the markets detonate a spiral of bank runs and defaults of countries resulting in a depression caused by a financial crash. Europe tries to put a dam in Spain. The market will answer as soon as tomorrow.
No free lunch: European aid (through the bailout fund temporary or permanent) are actually loans to recapitalize the financial system, which the Treasury must return religiously to tocateja. Again, the State comes to the rescue of the bank. Of course, it is soft loans, in much better shape than the market: around 3%, according to sources familiar with the negotiations between Spain and its European partners. Faced with this 3%, Treasury currently pays interest of 6% over the 10-year debt. In return for subsidized rates, Spain cede sovereignty over its financial system, but also lose tax sovereignty, contrary to what the Government said yesterday.
The Economy Minister Luis de Guindos, said flatly that the only conditionality for banks will require aid. "There will be no fiscal or macroeconomic conditions," he said repeatedly in a crowded press conference, reports Amanda Mars. But he amended the flat Eurogroup: along with the praise for the Spanish efforts to address their varied and acute imbalances, the communique finance ministers of the euro area makes it clear otherwise. Europe monitored with an iron fist that Madrid continue on the path of fiscal consolidation, structural reforms and labor market. "We will look closely and regularly review progress in these areas, in parallel with financial assistance," the statement said.
Surveillance Brussels
Such reviews are implicit visits by black men cited by the Minister Cristobal Montoro: missions of Commission officials, the IMF and even the ECB which will tighten supervision over Spain. This reduces practically to zero the margin of the Government to deviate from the guidelines to arrive in Brussels. And the latest recommendations are clear like water rein spending the regions, raise VAT, accelerate the reform of pensions and still a little hard labor reform, among others. Credit to Spain, as in the case of Greece, Portugal and Ireland, is given in installments, if the conditions are breached, Brussels closes the tap.
The Zapatero government denied the crisis, the Rajoy denied the request of Spain is a bailout with conditions. The executive insisted yesterday avoided at all costs these two terms: rescue and conditionality. In either case it is a completely useless exercise: the word "compliance" appears in the text that mark the economic policy-and most likely, the future of self-government in the coming years. In the case of banks will be even more evident than in the tax area: Europe requires entities that need help activate "the restructuring plans in accordance with the rules of EU aid and horizontal sector reforms."
Silver: sold offices, trimmed staff will dispose of assets and shareholdings, management teams lay off (as has happened in the case of Rodrigo Rato Bankia), will launch new mergers or even could be, ultimately, liquidation of an entity. The last cold water comes through the intervention of the International Monetary Fund (IMF), to which the Government was opposed to ward off the risk of being stigmatized. The FAA is not a lender more, as it was in the case of Athens, Lisbon and Dublin, but will support and supervise entities with periodic reports.
Tightens its grip
Brussels, European Central Bank, IMF and even the Obama administration have been commissioned in the last days of a crackdown to Spain for help. But Berlin is the keystone of the whole play. German pressure for the government of resorting to European fund Rajoy had a head on Wednesday when the Finance Ministry was in favor of Germanic that the intervention is limited to the financial sector. This intervention "soft", granted, is subject to special rules for bank bailouts and thereby have a depth less than the programs in Greece, Ireland and Portugal. On Friday, several international agencies quoted European sources to announce the conference call held by the Eurogroup. The British agency Reuters referred to a source "of the German Government," which officially has remained cautious over the two days. Yesterday, the Minister Wolfgang Schäuble dispelled any doubt about who has contributed to pressure: "We have urged Spain to make decisions," says Juan Gomez.
The nervousness in the big cities is explained by the proximity of Greek elections, in which the possible victory of the leftist Syriza platform could lead to the suppression of the austerity programs, and with them, the payments for the next stages of the rescue Athens. If this happens, could precipitate events. Not even a fracture of the euro can be discarded. Under these conditions, the spread could overwhelm other countries like Spain and Italy. Hence the urgency for Spain to underpin its European banks with public money.
The ransom demand was the usual ceremony of the confusion is to say that Brussels is Spain who has requested, and Madrid says it is the EU that has the money available. In any event, the mere announcement of this credit line of 100,000 million, which gives considerable scope meet the needs of some 40,000 million for the dealer, according to the first estimate of the IMF can give some air to Government a few weeks complicated, according to financial sources. The effect of Greek elections will be added within a few days future assessments of the banking system. "Spain must have a check ready as these figures are known," they said diplomatic sources.
Watching the market
The executive will remain tough days ahead, which should convince the markets and citizens that the agreement is as good as sold yesterday the Minister of Economy. Endeavored to emphasize Guindos by active and passive agreed by the Eurogroup is not a bailout but a loan "concessional" that have positive effects on the economy because banks will strengthen and revive lending to businesses and families. He predicted that will be a balm for the markets. And justified the absence of Rajoy: "I am the member of the Eurogroup, the Prime Minister is not."
But failed to dispel doubts about the aftermath of that fundamental decision for the future of Spain. The Spanish rescue is different, but similar three European experiences are not exactly a success. Countries seeking international assistance in general tend not to want to repeat that experience: for the rulers, interference fit test is generally paid with the loss of the election, even with a lasting removal of power to the people, the cost is measured in jobs lost in lost revenue, in long and painful recession. Some consequences of the rescue, finally, will mean profound changes, some of which are still in the dark. The executive, for now, refuses to anticipate these issues. "If society will not suffer the consequences of the bailout, as the Government contends, why was not requested before the aid?" Snapped Guindos a journalist in his appearance. "You do not play now ask," closed the minister.
more informationSpain walks to the bank bailoutHow we got here, Joaquin ESTEFANÍAJuncker calls for a "quick" solution to the crisis of Spanish banksThe IMF anticipates the report which brought about the bank bailout in SpainHow does the European bailout for the financial sector?The full statement of the Eurogroup
Madrid will receive up to 100,000 million euros, 10% of the wealth produced by Spain in one year, in a line of credit for banks only. The Executive and capitulates before the strong international pressure, fearing that the Spanish banks, Greek politics or panic in the markets detonate a spiral of bank runs and defaults of countries resulting in a depression caused by a financial crash. Europe tries to put a dam in Spain. The market will answer as soon as tomorrow.
No free lunch: European aid (through the bailout fund temporary or permanent) are actually loans to recapitalize the financial system, which the Treasury must return religiously to tocateja. Again, the State comes to the rescue of the bank. Of course, it is soft loans, in much better shape than the market: around 3%, according to sources familiar with the negotiations between Spain and its European partners. Faced with this 3%, Treasury currently pays interest of 6% over the 10-year debt. In return for subsidized rates, Spain cede sovereignty over its financial system, but also lose tax sovereignty, contrary to what the Government said yesterday.
The Economy Minister Luis de Guindos, said flatly that the only conditionality for banks will require aid. "There will be no fiscal or macroeconomic conditions," he said repeatedly in a crowded press conference, reports Amanda Mars. But he amended the flat Eurogroup: along with the praise for the Spanish efforts to address their varied and acute imbalances, the communique finance ministers of the euro area makes it clear otherwise. Europe monitored with an iron fist that Madrid continue on the path of fiscal consolidation, structural reforms and labor market. "We will look closely and regularly review progress in these areas, in parallel with financial assistance," the statement said.
Surveillance Brussels
Such reviews are implicit visits by black men cited by the Minister Cristobal Montoro: missions of Commission officials, the IMF and even the ECB which will tighten supervision over Spain. This reduces practically to zero the margin of the Government to deviate from the guidelines to arrive in Brussels. And the latest recommendations are clear like water rein spending the regions, raise VAT, accelerate the reform of pensions and still a little hard labor reform, among others. Credit to Spain, as in the case of Greece, Portugal and Ireland, is given in installments, if the conditions are breached, Brussels closes the tap.
The Zapatero government denied the crisis, the Rajoy denied the request of Spain is a bailout with conditions. The executive insisted yesterday avoided at all costs these two terms: rescue and conditionality. In either case it is a completely useless exercise: the word "compliance" appears in the text that mark the economic policy-and most likely, the future of self-government in the coming years. In the case of banks will be even more evident than in the tax area: Europe requires entities that need help activate "the restructuring plans in accordance with the rules of EU aid and horizontal sector reforms."
Silver: sold offices, trimmed staff will dispose of assets and shareholdings, management teams lay off (as has happened in the case of Rodrigo Rato Bankia), will launch new mergers or even could be, ultimately, liquidation of an entity. The last cold water comes through the intervention of the International Monetary Fund (IMF), to which the Government was opposed to ward off the risk of being stigmatized. The FAA is not a lender more, as it was in the case of Athens, Lisbon and Dublin, but will support and supervise entities with periodic reports.
Tightens its grip
Brussels, European Central Bank, IMF and even the Obama administration have been commissioned in the last days of a crackdown to Spain for help. But Berlin is the keystone of the whole play. German pressure for the government of resorting to European fund Rajoy had a head on Wednesday when the Finance Ministry was in favor of Germanic that the intervention is limited to the financial sector. This intervention "soft", granted, is subject to special rules for bank bailouts and thereby have a depth less than the programs in Greece, Ireland and Portugal. On Friday, several international agencies quoted European sources to announce the conference call held by the Eurogroup. The British agency Reuters referred to a source "of the German Government," which officially has remained cautious over the two days. Yesterday, the Minister Wolfgang Schäuble dispelled any doubt about who has contributed to pressure: "We have urged Spain to make decisions," says Juan Gomez.
The nervousness in the big cities is explained by the proximity of Greek elections, in which the possible victory of the leftist Syriza platform could lead to the suppression of the austerity programs, and with them, the payments for the next stages of the rescue Athens. If this happens, could precipitate events. Not even a fracture of the euro can be discarded. Under these conditions, the spread could overwhelm other countries like Spain and Italy. Hence the urgency for Spain to underpin its European banks with public money.
The ransom demand was the usual ceremony of the confusion is to say that Brussels is Spain who has requested, and Madrid says it is the EU that has the money available. In any event, the mere announcement of this credit line of 100,000 million, which gives considerable scope meet the needs of some 40,000 million for the dealer, according to the first estimate of the IMF can give some air to Government a few weeks complicated, according to financial sources. The effect of Greek elections will be added within a few days future assessments of the banking system. "Spain must have a check ready as these figures are known," they said diplomatic sources.
Watching the market
The executive will remain tough days ahead, which should convince the markets and citizens that the agreement is as good as sold yesterday the Minister of Economy. Endeavored to emphasize Guindos by active and passive agreed by the Eurogroup is not a bailout but a loan "concessional" that have positive effects on the economy because banks will strengthen and revive lending to businesses and families. He predicted that will be a balm for the markets. And justified the absence of Rajoy: "I am the member of the Eurogroup, the Prime Minister is not."
But failed to dispel doubts about the aftermath of that fundamental decision for the future of Spain. The Spanish rescue is different, but similar three European experiences are not exactly a success. Countries seeking international assistance in general tend not to want to repeat that experience: for the rulers, interference fit test is generally paid with the loss of the election, even with a lasting removal of power to the people, the cost is measured in jobs lost in lost revenue, in long and painful recession. Some consequences of the rescue, finally, will mean profound changes, some of which are still in the dark. The executive, for now, refuses to anticipate these issues. "If society will not suffer the consequences of the bailout, as the Government contends, why was not requested before the aid?" Snapped Guindos a journalist in his appearance. "You do not play now ask," closed the minister.
スペインは、不良債権で破綻寸前の銀行を欧州救済基金から1000億0000'0000ユーロを3%の金利で融資してスペイン銀行再編基金を通して資本増強して救済することを要求
{ 2012年08月ー09月には、スペイン政府は、国債の返済(切り替え)が出来なくなって財政債務で破綻するのは、どうするのだろうか? }
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