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欧州ユーロ圏諸国がスペインの銀行救済の融資を決めて、まずは2012年7月末に300億0000'0000ユーロの緊急援助を行い、金利は3%で12'5年払い戻し
Las claves del Eurogrupo
España recibirá 30.000 millones de euros antes de finales de julio para sanear sus bancos
El tipo del crédito podría estar por debajo del 3%, según Guindos, a un plazo de 12,5 años
La flexibilización del calendario de rebaja del déficit obliga a cumplir las recomendaciones
The keys of the Eurogroup
Spain will receive 30,000 million by the end of July to clean up its banks
The credit rate may be below 3%, according Guindos, for a term of 12.5 years
The relaxation of the deficit reduction schedule required to complete the recommendations
The Country Madrid 10 JUL 2012 - 10:34 CET
Spain will receive 30,000 million by the end of July to clean up its banks
The credit rate may be below 3%, according Guindos, for a term of 12.5 years
The relaxation of the deficit reduction schedule required to complete the recommendations
The Country Madrid 10 JUL 2012 - 10:34 CET
The agreements reached between the partners of the euro in early Monday on the bank bailout and a flexible schedule of deficit reduction give some margin to Spain in order to meet the fiscal consolidation plan and try to appease the pressures market. On the first point, the political decision of the Eurogroup will allow entities worse begin receiving the aid money in a month. In return, however, the Eurogroup imposes strong conditions on the beneficiary institutions and the sector itself. As for the extended term fiscal consolidation, as stated in the memorandum of rescue, the agreement is linked to strict compliance with the recommendations of the European Commission to keep the deficit under control. The Spanish government, for its part, denies that the rescue of the bank or the new timetable for deficit carry implicit new macroeconomic conditions for the state. You can find the main points of the agreements.
What's new?
Following the agreement reached between the European partners, the main novelty is that it starts the rescue of banking with a credit of up to 100,000 million. As a result, Spain may receive and by the end of July 30,000 million to clean up the situation of nationalized institutions urgently need capital (mainly Bankia, Novagalicia and Catalunya Caixa). This money will go through a loan from the FROB, which is the state rescue fund for banks, and therefore counted as government debt, at least until it is ready direct recapitalization of banks. According reiterated the Euro after the summit, is expected to come into force before year end.
How much credit?
more informationEuro partners impose Spain a soft intervention in the economyDenies that the rescue Guindos impose new conditions for SpainSpain will raise the VAT and will make adjustments to achieve an extra year to the deficit
The loan will have an interest of around 4% according to the Eurogroup Chairman Jean-Claude Juncker, and will have a maturity of between 12.5 and 15. The Economy Minister Luis de Guindos, has suggested this morning, before the Ecofin meeting (Ministers of Economy and Finance of the EU countries), the interest rate could be even less than 3%. They will also have a waiting period of up to 10 years, which means it does not have to start paying back until 2022.
What conditions must meet the banks ask for help?
Banks seeking aid will have to follow a policy of zero bonus and dividends, sell assets and offices, lay off staff and carry out assessments of entities, if necessary.
And the whole industry?
All entities, including those not requesting aid, will need to have 9% of the highest quality capital. This is one of the thirty or conditions imposed are contained in the memorandum of agreement. The EU also requires carrying out a reform of the boxes to come out of the banks. At this point, imposes incompatibilities between the boards of banks and their banks participated, now frequently share directors.
What about direct recapitalization of the bank?
For the direct recapitalization banking possible, the EU has to finalize the creation of the European Stability Mechanism (MEDE) and establish a common supervisor for the entire European financial system, which is not expected until next year. Olli Rehn has said that there will be no margin requirements for states whose banks ask for a loan of MEDE. This would prevent debt from getting bank debt of the States.
Have there been any changes to the deadline for meeting the deficit target?
Yes Eurogroup gives Spain a year to meet its deficit target of 3% of GDP. You will have until 2014 to reduce its current deficit of 8.9% to 3% required by Brussels. This year the objective is 5.3% of GDP to 6.3%.
What conditions are imposed on Spain in exchange for this help?
Spain received the loan in exchange for strict fiscal, and banking supervision, which is an intervention of the Spanish economy, although less intense than those of the three European economies intervened: Greece, Portugal and Ireland.
Brussels calls for new tax measures immediately. The government reported yesterday morning to these demands and announced an increase in VAT. The troika (the European Commission, the European Central Bank and the IMF) will send missions to Spain every three months, and assumes de facto powers over financial supervision of banks.
The European Commission Vice President, Olli Rehn, has said that Spain "will fully comply" with the new specification, and has not ruled out the need to undertake measures such as cuts in pensions or unemployment benefits. The Spanish Government have suggested cuts in pensions, according to the French finance minister, Pierre Moscovici.
Will it calm the markets?
The minister has acknowledged that Guindos persevere in fiscal consolidation is not sufficient to address the question of markets, and has also admitted that action is needed "at European level." So, has argued, to implement "measures to stabilize the markets agreed at the last European Council." That is, direct payments to the bank, which would eliminate the link between sovereign debt and financial debt and the purchase by the bailout funds. This will deter those who bet against their bonds in the market.
The underlying problem are the doubts about the ability of the entire eurozone to overcome the crisis, quite a formidable challenge if not impossible if Spain were to fall. For this reason, it is vital not only Spain pushing forward their plans to reduce the deficit without increasing the economic downturn, which itself towards the country into a negative spiral difficult to break, but it also requires a joint response by the Eurozone.
What's new?
Following the agreement reached between the European partners, the main novelty is that it starts the rescue of banking with a credit of up to 100,000 million. As a result, Spain may receive and by the end of July 30,000 million to clean up the situation of nationalized institutions urgently need capital (mainly Bankia, Novagalicia and Catalunya Caixa). This money will go through a loan from the FROB, which is the state rescue fund for banks, and therefore counted as government debt, at least until it is ready direct recapitalization of banks. According reiterated the Euro after the summit, is expected to come into force before year end.
How much credit?
more informationEuro partners impose Spain a soft intervention in the economyDenies that the rescue Guindos impose new conditions for SpainSpain will raise the VAT and will make adjustments to achieve an extra year to the deficit
The loan will have an interest of around 4% according to the Eurogroup Chairman Jean-Claude Juncker, and will have a maturity of between 12.5 and 15. The Economy Minister Luis de Guindos, has suggested this morning, before the Ecofin meeting (Ministers of Economy and Finance of the EU countries), the interest rate could be even less than 3%. They will also have a waiting period of up to 10 years, which means it does not have to start paying back until 2022.
What conditions must meet the banks ask for help?
Banks seeking aid will have to follow a policy of zero bonus and dividends, sell assets and offices, lay off staff and carry out assessments of entities, if necessary.
And the whole industry?
All entities, including those not requesting aid, will need to have 9% of the highest quality capital. This is one of the thirty or conditions imposed are contained in the memorandum of agreement. The EU also requires carrying out a reform of the boxes to come out of the banks. At this point, imposes incompatibilities between the boards of banks and their banks participated, now frequently share directors.
What about direct recapitalization of the bank?
For the direct recapitalization banking possible, the EU has to finalize the creation of the European Stability Mechanism (MEDE) and establish a common supervisor for the entire European financial system, which is not expected until next year. Olli Rehn has said that there will be no margin requirements for states whose banks ask for a loan of MEDE. This would prevent debt from getting bank debt of the States.
Have there been any changes to the deadline for meeting the deficit target?
Yes Eurogroup gives Spain a year to meet its deficit target of 3% of GDP. You will have until 2014 to reduce its current deficit of 8.9% to 3% required by Brussels. This year the objective is 5.3% of GDP to 6.3%.
What conditions are imposed on Spain in exchange for this help?
Spain received the loan in exchange for strict fiscal, and banking supervision, which is an intervention of the Spanish economy, although less intense than those of the three European economies intervened: Greece, Portugal and Ireland.
Brussels calls for new tax measures immediately. The government reported yesterday morning to these demands and announced an increase in VAT. The troika (the European Commission, the European Central Bank and the IMF) will send missions to Spain every three months, and assumes de facto powers over financial supervision of banks.
The European Commission Vice President, Olli Rehn, has said that Spain "will fully comply" with the new specification, and has not ruled out the need to undertake measures such as cuts in pensions or unemployment benefits. The Spanish Government have suggested cuts in pensions, according to the French finance minister, Pierre Moscovici.
Will it calm the markets?
The minister has acknowledged that Guindos persevere in fiscal consolidation is not sufficient to address the question of markets, and has also admitted that action is needed "at European level." So, has argued, to implement "measures to stabilize the markets agreed at the last European Council." That is, direct payments to the bank, which would eliminate the link between sovereign debt and financial debt and the purchase by the bailout funds. This will deter those who bet against their bonds in the market.
The underlying problem are the doubts about the ability of the entire eurozone to overcome the crisis, quite a formidable challenge if not impossible if Spain were to fall. For this reason, it is vital not only Spain pushing forward their plans to reduce the deficit without increasing the economic downturn, which itself towards the country into a negative spiral difficult to break, but it also requires a joint response by the Eurozone.
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