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欧州委員会は、欧州救済基金からスペイン銀行再編基金を通して融資して資本増強してスペインの銀行を破綻から救済するのに、スペインの銀行も、政府財政支出も監督の対象に
Europa pone las cuentas públicas españolas bajo estricta vigilancia
El préstamo europeo implica condiciones tanto a la banca como al Estado
La deuda pública aumenta hasta en diez puntos con el crédito de 100.000 millones
Europe puts the Spanish public accounts under strict surveillance
The European loan involves both conditions and the state banking
Public debt rises to ten points with the credit of 100,000 million
Amanda Madrid Mars 10 JUN 2012 - 18:23 CET
The European loan involves both conditions and the state banking
Public debt rises to ten points with the credit of 100,000 million
Amanda Madrid Mars 10 JUN 2012 - 18:23 CET
The key point of approved rescue for Spain on Saturday has nothing to do with "nominalism" of tired today confessed that the prime minister, Mariano Rajoy, but precisely with the "conditionality"-another word star in this chapter of the crisis - which brings with it to the bank and the state. The battle for Spain is to prevent the banking crisis becomes a crisis of public debt.
"There will only conditions for banks, but also for the state. The letter of agreement states that only the financial system will have to accept a string of conditions, settings (offices closures, asset sales or change of managers) and the inspection of European authorities, because it is the ultimate recipient of that loan. The institutions receiving aid from the Spanish rescue fund (FROB) and were accountable to the body. Now Spain ceded sovereignty in regulating banks. But public accounts will be subjected to greater scrutiny in Europe. The text released Saturday by the Eurogroup and warns that "progress in these areas [in reference to reforms or cuts made to reduce the deficit] will be closely and regularly reviewed in parallel with the financial assistance."
This means that, for any deviation from the Spanish roadmap to tidy up its public accounts (8.9% in 2011 to 3% in 2014), Brussels press harder than before, since credit is given to committed deadlines . And this includes monitoring visits of those black men-the metaphor of the Minister Cristobal Montoro, who has made a fortune, or the troika of EU officials, European Central Bank and the International Monetary Fund. Madrid will be more compelled than ever to accept the latest suggestions of the EU (VAT increases or advance the reform of pensions, etc.), but, yes, the forms include: thanks to the Spanish rescue is not the Greek , or Portuguese, the initiative of the measures is at least formally in government hands. In addition, the Spanish have already endured the toughest cuts in democracy.
"Debt is the state and the state will have to pay. The money is provided by the European partners to the Spanish and this is who is responsible for that debt, although the bank is the ultimate recipient. Public debt, which is scheduled to end in 80% of gross domestic product (GDP) in 2012, increased to ten points with the maximum credit of 100,000 million. Government efforts will attempt to recover these amounts in turn to financial institutions. The State will receive the credit at an interest rate of around 3%, according to European sources. If the Spanish banking bailout fund (FROB) injects it to entities that need it in the form of loans, public funds would gradually recovering those amounts and the payment of interest, to turn it back to Europe. The problem is that there seems to be working well. The finance minister, Luis de Guindos, said yesterday that the mode would be chosen "entity to entity."
"Maturity, further cuts. For now, in the case of Bankia, the group that has required more public resources (23,500 billion), the money has been injected as capital, so the state can not aspire to the entity it back, but the bank prop up enough to someday be able to sell public participation and recover that money. So crucial is the maturity of the credit, to be defined, which is sufficiently broad to enable the State to sell the shares of the nationalized entities without losing the capital invested. The ability of banks and their managers in order to return the state aid depends largely on this banking crisis does not become a crisis of public debt. This is what happened with Ireland, whose rescue is the closest to Spanish, but in the Irish banking sector was much heavier in the economy of the island. Payment of the bill may lead to further cuts to the Spanish.
"Effect on the deficit. Guindos made clear on Saturday that the payment of interest on the debt owed to Europe is charged to the deficit and today the president Mariano Rajoy denied effect. The contradiction can be explained by the following: payment of all interest is counted as an expense in the budget and an extra debt, as agreed on Saturday, thus incurring a deficit. The State Budget of 2012 put the interest payment on 29.246 million (2.75% of GDP). If, as envisaged by the government, the European Pact eases pressure on Spanish debt and pay less interest on Treasury bonds and bills auction (6% bonds to 10 years), this figure can be reduced, so this savings offsets the effect of the new debt.
"There will only conditions for banks, but also for the state. The letter of agreement states that only the financial system will have to accept a string of conditions, settings (offices closures, asset sales or change of managers) and the inspection of European authorities, because it is the ultimate recipient of that loan. The institutions receiving aid from the Spanish rescue fund (FROB) and were accountable to the body. Now Spain ceded sovereignty in regulating banks. But public accounts will be subjected to greater scrutiny in Europe. The text released Saturday by the Eurogroup and warns that "progress in these areas [in reference to reforms or cuts made to reduce the deficit] will be closely and regularly reviewed in parallel with the financial assistance."
This means that, for any deviation from the Spanish roadmap to tidy up its public accounts (8.9% in 2011 to 3% in 2014), Brussels press harder than before, since credit is given to committed deadlines . And this includes monitoring visits of those black men-the metaphor of the Minister Cristobal Montoro, who has made a fortune, or the troika of EU officials, European Central Bank and the International Monetary Fund. Madrid will be more compelled than ever to accept the latest suggestions of the EU (VAT increases or advance the reform of pensions, etc.), but, yes, the forms include: thanks to the Spanish rescue is not the Greek , or Portuguese, the initiative of the measures is at least formally in government hands. In addition, the Spanish have already endured the toughest cuts in democracy.
"Debt is the state and the state will have to pay. The money is provided by the European partners to the Spanish and this is who is responsible for that debt, although the bank is the ultimate recipient. Public debt, which is scheduled to end in 80% of gross domestic product (GDP) in 2012, increased to ten points with the maximum credit of 100,000 million. Government efforts will attempt to recover these amounts in turn to financial institutions. The State will receive the credit at an interest rate of around 3%, according to European sources. If the Spanish banking bailout fund (FROB) injects it to entities that need it in the form of loans, public funds would gradually recovering those amounts and the payment of interest, to turn it back to Europe. The problem is that there seems to be working well. The finance minister, Luis de Guindos, said yesterday that the mode would be chosen "entity to entity."
"Maturity, further cuts. For now, in the case of Bankia, the group that has required more public resources (23,500 billion), the money has been injected as capital, so the state can not aspire to the entity it back, but the bank prop up enough to someday be able to sell public participation and recover that money. So crucial is the maturity of the credit, to be defined, which is sufficiently broad to enable the State to sell the shares of the nationalized entities without losing the capital invested. The ability of banks and their managers in order to return the state aid depends largely on this banking crisis does not become a crisis of public debt. This is what happened with Ireland, whose rescue is the closest to Spanish, but in the Irish banking sector was much heavier in the economy of the island. Payment of the bill may lead to further cuts to the Spanish.
"Effect on the deficit. Guindos made clear on Saturday that the payment of interest on the debt owed to Europe is charged to the deficit and today the president Mariano Rajoy denied effect. The contradiction can be explained by the following: payment of all interest is counted as an expense in the budget and an extra debt, as agreed on Saturday, thus incurring a deficit. The State Budget of 2012 put the interest payment on 29.246 million (2.75% of GDP). If, as envisaged by the government, the European Pact eases pressure on Spanish debt and pay less interest on Treasury bonds and bills auction (6% bonds to 10 years), this figure can be reduced, so this savings offsets the effect of the new debt.
欧州委員会は、欧州救済基金からスペイン銀行再編基金を通して融資して資本増強してスペインの銀行を破綻から救済するのに、スペインの銀行も、政府財政支出も監督の対象に
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