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フィンランドとオランダが欧州金融安定機構がスペインとイタリアの国債を購入するのに拒否を表明したので、スペインの10年国債の金利は+486で6'35%?に
La amenaza de veto sobre los pactos de la cumbre europea agita los mercados
Finlandia y Holanda rechazan que el fondo de rescate compre deuda soberana
Luis Doncel Bruselas3 JUL 2012 - 00:00 CET
The threat to veto the covenants of the European summit shaken markets
Finland and the Netherlands rejected the bailout fund buys sovereign debt
Luis Doncel Brussels 3 JUL 2012 - 00:00 CET
Finland and the Netherlands rejected the bailout fund buys sovereign debt
Luis Doncel Brussels 3 JUL 2012 - 00:00 CET
Despite shooting with wet gunpowder, Finland managed to be repeated on Monday that the worst clichés of the euro crisis that began more than two years. The summit last week served to ease tensions, but a statement has been enough of Helsinki, with very little practical effect, for markets to return to their old ways with a rise in risk premium Spanish.
The morning started well. After the euphoria generated on Friday by the agreement of the European leaders before dawn, the differential paid by Spain to finance on the cost of Germany (ie the risk premium) on Monday lowered slowly below 460 basis points. But later picked up the 486 points, 12 more than last Friday. For the first time, the Spanish 10-year bond ended the day with a level higher than that of Ireland.
The causes can be sought in the notice of the Finnish Government to put more obstacles to the possibility that the European Stability Mechanism (the Mede, the permanent rescue fund should enter into force in the coming weeks) to attend the secondary market buy debt of countries with serious solvency problems, such as Spain or Italy. The Heads of State and Government agreed last week to help relax this existed, but now Helsinki disagrees with what so few days ago signed. The Finnish proposal that Spain would guarantee their debt issues with State property or real estate was rejected last week.
The government, a coalition led by the center-right, insists that the Mede should not act on the secondary market because it believes that the benefits are minimal, and that the long term can be harmful. Holland, pending elections in September, shares this view. "I see no sense to buy debt, it takes a lot of money. The instrument exists, but can only be applied if there is unanimous, "he said on Friday the Prime Minister, Liberal Mark Rutte.
Spain and Italy refuse, for now, they go to seek help
It is true that to go to the secondary market unanimity is required, but also that the treaty left a loophole Mede to avoid vetoes as hinting now Helsinki. If the Commission and the European Central Bank believe that the euro zone is in danger, may activate a clause in the bailout fund could act with a support of 85% of the vote.
Thus, in this case, the refusal of Finland and the Netherlands would not preclude assistance to Spain or Italy, which for now will deny that this help. European Commission sources insist that it is not necessary to change the treaties already signed for the bailout fund to buy debt directly, provided that the government will be requested and sign a memorandum concrete macroeconomic conditions.
Beyond the hypothetical Finnish lock, tensions in the debt market shows the investors' doubts by the inadequacies of a summit that was held as a victory for France, Italy and Spain over Germany. The Eurogroup should ensure that Ireland, a country whose banking hole pushed him to an intervention by the EC and the IMF in 2010, benefits from conditions as favorable as those of Spain. Portugal and Greece, who look askance at his fellow rescue, also aim to renegotiate a contract that has sunk into recession.
The morning started well. After the euphoria generated on Friday by the agreement of the European leaders before dawn, the differential paid by Spain to finance on the cost of Germany (ie the risk premium) on Monday lowered slowly below 460 basis points. But later picked up the 486 points, 12 more than last Friday. For the first time, the Spanish 10-year bond ended the day with a level higher than that of Ireland.
The causes can be sought in the notice of the Finnish Government to put more obstacles to the possibility that the European Stability Mechanism (the Mede, the permanent rescue fund should enter into force in the coming weeks) to attend the secondary market buy debt of countries with serious solvency problems, such as Spain or Italy. The Heads of State and Government agreed last week to help relax this existed, but now Helsinki disagrees with what so few days ago signed. The Finnish proposal that Spain would guarantee their debt issues with State property or real estate was rejected last week.
The government, a coalition led by the center-right, insists that the Mede should not act on the secondary market because it believes that the benefits are minimal, and that the long term can be harmful. Holland, pending elections in September, shares this view. "I see no sense to buy debt, it takes a lot of money. The instrument exists, but can only be applied if there is unanimous, "he said on Friday the Prime Minister, Liberal Mark Rutte.
Spain and Italy refuse, for now, they go to seek help
It is true that to go to the secondary market unanimity is required, but also that the treaty left a loophole Mede to avoid vetoes as hinting now Helsinki. If the Commission and the European Central Bank believe that the euro zone is in danger, may activate a clause in the bailout fund could act with a support of 85% of the vote.
Thus, in this case, the refusal of Finland and the Netherlands would not preclude assistance to Spain or Italy, which for now will deny that this help. European Commission sources insist that it is not necessary to change the treaties already signed for the bailout fund to buy debt directly, provided that the government will be requested and sign a memorandum concrete macroeconomic conditions.
Beyond the hypothetical Finnish lock, tensions in the debt market shows the investors' doubts by the inadequacies of a summit that was held as a victory for France, Italy and Spain over Germany. The Eurogroup should ensure that Ireland, a country whose banking hole pushed him to an intervention by the EC and the IMF in 2010, benefits from conditions as favorable as those of Spain. Portugal and Greece, who look askance at his fellow rescue, also aim to renegotiate a contract that has sunk into recession.
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