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スペイン政府は、欧州金融安定基金からのスペインの銀行への資本増強のための融資の剰ったお金を、スペイン国債の購入に充てられる
España podrá recurrir al dinero del rescate para la compra de deuda pública
El acuerdo de asistencia financiera permitirá al Gobierno pedir que el fondo de rescate europeo compre bonos con lo que sobre de los 100.000 millones para la banca
Claudi Pérez Bruselas19 JUL 2012 - 00:01 CET
Spain may use the bailout money to buy government debt
The financial assistance agreement will enable the Government to ask the European rescue fund that buys bonds on the 100,000 million for the dealer
Rescue documents the government has hidden from Spain
Claudi Perez Brussels 19 JUL 2012 - 00:01 CET
The financial assistance agreement will enable the Government to ask the European rescue fund that buys bonds on the 100,000 million for the dealer
Rescue documents the government has hidden from Spain
Claudi Perez Brussels 19 JUL 2012 - 00:01 CET
The European rescue is broader, more flexible than it seemed at first sight: not just a bank bailout, allows Spain to maneuver to ease pressure on the debt markets. The agreement will vote today on the Bundestag, the lower house of Parliament Germanic, including the Memorandum of Understanding already known but also a contract between the European temporary bailout fund (the European Financial Stability Facility, EFSF) and Spain, provides the possibility public debt to purchase 100,000 million of EU aid request the Eurogroup (the Ministers of Economy and Finance of the euro), according to documents to which this newspaper has had access.
Provided it meets strict financial and macroeconomic conditions that were announced last week, the framework agreement allows Spain to apply the full arsenal available from the European rescue fund with money left over you need the bench, and until that maximum 100,000 million. That includes following the changes made to the European fund last year, purchases of bonds in the primary market (ie at Treasury auctions) and the second hand to lower the risk premium Spanish, yesterday climbed to touch the 580 points. The EFSF could thus buy government debt and try to lower the pressure, though the figures used do not allow too many joys. The interests of the Spanish 10-year bond are dangerously close to 7%, unsustainable rates that suggest a full recovery or the possibility of intervening in the market.
Neither the Spanish Government or the Eurogroup and the Commission is not a single EU executive has spoken so far of that possibility, which appears in the 139 pages of material delivered to the German parliament. Despite the tax information cerrojazo in Brussels and Spain, where the executive has not made available to the Congress the details of the European lifeline, which is voted these days in various parliaments of the continent, these 139 pages of a document Bundestag capital include: The agreement between the European bailout fund and Spain, the Bank Restructuring Fund (FROB) and the Bank of Spain, which details both the range of possibilities in which you can use the European money as bailout conditions in terms of time (the announced 12.5 years on average) and rate (depending on the cost of financing the EFSF). The document credits the idea of a full redemption for Spain, beyond the financial sector, although the conditions and controls are less stringent than for other countries rescued. Hence the political difficulties of governments such as German or Dutch aid to communicate to the electorate and approved in Parliament. And the compliments of the Spanish government, which insists on withholding information on aid and remains committed to sell the bailout as a line of credit just for banking and tax unconditionally.
more informationSpain asks for a ransom of up to 100,000 million for the dealerThe hardest adjustment of democracy32 short-term conditionsThe EU reserves of 25,000 million Spanish to bad bank bailoutMerkel: "We can not yet be sure that everything will work"Cherry: "We will return the credit. There will be no loss to creditors "Brussels will impose tough restructuring plans to give aid
In addition to buying bonds in the market with money left over from the financial restructuring, the agreement allows Spain to use those funds as collateral for its emissions, a precautionary credit line, a sort of mixed bag in case of extreme necessity, and even an investment vehicle that would allow Spain to eventually raise money from international investors and sovereign funds guaranteeing the first losses.
To all this we must formally request the preferred embodiment the Eurogroup, which acts as an advisory board of the European rescue fund. Then the European Commission negotiated with Spain the changes to the agreement. Following the adoption of these changes, the details would be agreed at technical meetings. And you have to comply strictly banking conditions and fiscal measures to which Spain is committed. Bound by such compliance, the Council of Ministers approved on Friday a hard close package of cuts to 60,000 million euros, with the increase in VAT and the pay cut for civil servants, among others. But Spain has not yet done all duties: it must send to Brussels a biennial budget for 2013 and 2014 before the end of July.
Among the material provided by several European governments to their parliaments to approve the Spanish rescue there are some gems. The documentation of the Dutch Executive said that Spain "seems to have sufficient capacity to repay the loan based on the premise that financing costs will fall from current high levels." That is, is to say that Spain has no ability to repay the bailout if not lower the interest. The documentation sent to the Bundestag, the government of Chancellor Angela Merkel ditch the debate on the conditions imposed by the Spanish banking rescue: "Regarding structural reforms, the Spanish authorities are required to implement the country-specific recommendations [approved by Brussels], "says Luis Doncel.
The text also ensures that, by the FROB, the Spanish Government is also a contracting party to the agreement with the EFSF or its replacement, the European Stability Mechanism (MEDE). Thus, the State is responsible for all debt obligations.
The June summit was held as a success for the Spanish and Italian interest for three reasons: European leaders allowed the direct recapitalization of banks, provided that the ECB takes the supervision of European banks, the MEDE lost its creditor status preferred, and, finally, a commitment to do "everything necessary" to ward off financial turmoil in the euro area, particularly using "a flexible and efficient existing instruments to stabilize the markets of member states." That is, using the rescue fund to buy bad debt from countries with more problems.
100,000 million total grant
The framework agreement between Spain and the bailout fund provides a menu of possibilities in which you can specify the redemption of Spain. Support for the recapitalization of the banking part of the arsenal in which there are the purchases of bonds in Treasury auctions or in the secondary market, loans to state or partial guarantees on newly issued securities. What the agreement is to set a "Total Amount of Financial Aid" of 100,000 million euros and said that as of the signing of the agreement has been reached specific conditions on the mechanism of bank recapitalization.
And then he says, in the convoluted legal language community: "In the event that the beneficiary Member State wishes to obtain financial assistance in the form of an addition to or alternative mechanism must apply one of these mechanisms in writing by a letter the Eurogroup, provided that the amount of this new mechanism combined with all other financial aid the EFSF has made or will make available to the beneficiary Member State under this Agreement shall not exceed the Total Amount of Financial Assistance. "
Ie Spain may request that another mechanism is used as long as not exceeding the total of 100,000 million.
The agreement with the Spanish rescue fund provides that after such a request in writing to the Eurogroup, "the Commission (in coordination with the ECB and (if applicable) the International Monetary Fund) will negotiate the necessary changes or supplement the memorandum of understanding." Following the adoption of any amendment or supplement to the Memorandum of Understanding, the Commission (in collaboration with the ECB and the EFSF), will make a proposal to the Eurogroup working group of key terms in which form the use of this new mechanism help. Following the decision of the Working Group of the Eurogroup, the technical details will be negotiated. Finally, the EFSF, the Spanish Government and the Bank of Spain will sign the agreement, as established under the terms of the contract
Provided it meets strict financial and macroeconomic conditions that were announced last week, the framework agreement allows Spain to apply the full arsenal available from the European rescue fund with money left over you need the bench, and until that maximum 100,000 million. That includes following the changes made to the European fund last year, purchases of bonds in the primary market (ie at Treasury auctions) and the second hand to lower the risk premium Spanish, yesterday climbed to touch the 580 points. The EFSF could thus buy government debt and try to lower the pressure, though the figures used do not allow too many joys. The interests of the Spanish 10-year bond are dangerously close to 7%, unsustainable rates that suggest a full recovery or the possibility of intervening in the market.
Neither the Spanish Government or the Eurogroup and the Commission is not a single EU executive has spoken so far of that possibility, which appears in the 139 pages of material delivered to the German parliament. Despite the tax information cerrojazo in Brussels and Spain, where the executive has not made available to the Congress the details of the European lifeline, which is voted these days in various parliaments of the continent, these 139 pages of a document Bundestag capital include: The agreement between the European bailout fund and Spain, the Bank Restructuring Fund (FROB) and the Bank of Spain, which details both the range of possibilities in which you can use the European money as bailout conditions in terms of time (the announced 12.5 years on average) and rate (depending on the cost of financing the EFSF). The document credits the idea of a full redemption for Spain, beyond the financial sector, although the conditions and controls are less stringent than for other countries rescued. Hence the political difficulties of governments such as German or Dutch aid to communicate to the electorate and approved in Parliament. And the compliments of the Spanish government, which insists on withholding information on aid and remains committed to sell the bailout as a line of credit just for banking and tax unconditionally.
more informationSpain asks for a ransom of up to 100,000 million for the dealerThe hardest adjustment of democracy32 short-term conditionsThe EU reserves of 25,000 million Spanish to bad bank bailoutMerkel: "We can not yet be sure that everything will work"Cherry: "We will return the credit. There will be no loss to creditors "Brussels will impose tough restructuring plans to give aid
In addition to buying bonds in the market with money left over from the financial restructuring, the agreement allows Spain to use those funds as collateral for its emissions, a precautionary credit line, a sort of mixed bag in case of extreme necessity, and even an investment vehicle that would allow Spain to eventually raise money from international investors and sovereign funds guaranteeing the first losses.
To all this we must formally request the preferred embodiment the Eurogroup, which acts as an advisory board of the European rescue fund. Then the European Commission negotiated with Spain the changes to the agreement. Following the adoption of these changes, the details would be agreed at technical meetings. And you have to comply strictly banking conditions and fiscal measures to which Spain is committed. Bound by such compliance, the Council of Ministers approved on Friday a hard close package of cuts to 60,000 million euros, with the increase in VAT and the pay cut for civil servants, among others. But Spain has not yet done all duties: it must send to Brussels a biennial budget for 2013 and 2014 before the end of July.
Among the material provided by several European governments to their parliaments to approve the Spanish rescue there are some gems. The documentation of the Dutch Executive said that Spain "seems to have sufficient capacity to repay the loan based on the premise that financing costs will fall from current high levels." That is, is to say that Spain has no ability to repay the bailout if not lower the interest. The documentation sent to the Bundestag, the government of Chancellor Angela Merkel ditch the debate on the conditions imposed by the Spanish banking rescue: "Regarding structural reforms, the Spanish authorities are required to implement the country-specific recommendations [approved by Brussels], "says Luis Doncel.
The text also ensures that, by the FROB, the Spanish Government is also a contracting party to the agreement with the EFSF or its replacement, the European Stability Mechanism (MEDE). Thus, the State is responsible for all debt obligations.
The June summit was held as a success for the Spanish and Italian interest for three reasons: European leaders allowed the direct recapitalization of banks, provided that the ECB takes the supervision of European banks, the MEDE lost its creditor status preferred, and, finally, a commitment to do "everything necessary" to ward off financial turmoil in the euro area, particularly using "a flexible and efficient existing instruments to stabilize the markets of member states." That is, using the rescue fund to buy bad debt from countries with more problems.
100,000 million total grant
The framework agreement between Spain and the bailout fund provides a menu of possibilities in which you can specify the redemption of Spain. Support for the recapitalization of the banking part of the arsenal in which there are the purchases of bonds in Treasury auctions or in the secondary market, loans to state or partial guarantees on newly issued securities. What the agreement is to set a "Total Amount of Financial Aid" of 100,000 million euros and said that as of the signing of the agreement has been reached specific conditions on the mechanism of bank recapitalization.
And then he says, in the convoluted legal language community: "In the event that the beneficiary Member State wishes to obtain financial assistance in the form of an addition to or alternative mechanism must apply one of these mechanisms in writing by a letter the Eurogroup, provided that the amount of this new mechanism combined with all other financial aid the EFSF has made or will make available to the beneficiary Member State under this Agreement shall not exceed the Total Amount of Financial Assistance. "
Ie Spain may request that another mechanism is used as long as not exceeding the total of 100,000 million.
The agreement with the Spanish rescue fund provides that after such a request in writing to the Eurogroup, "the Commission (in coordination with the ECB and (if applicable) the International Monetary Fund) will negotiate the necessary changes or supplement the memorandum of understanding." Following the adoption of any amendment or supplement to the Memorandum of Understanding, the Commission (in collaboration with the ECB and the EFSF), will make a proposal to the Eurogroup working group of key terms in which form the use of this new mechanism help. Following the decision of the Working Group of the Eurogroup, the technical details will be negotiated. Finally, the EFSF, the Spanish Government and the Bank of Spain will sign the agreement, as established under the terms of the contract
スペインは、政府の債務を買うために公的資金を使用することができます
金融支援協定は、政府がディーラーのために100,000百万円で国債を買う欧州救済基金を尋ねるようになります
政府はスペインから隠されているレスキューのドキュメント
Claudiペレスブリュッセル19 JUL 2012 - 午後12時01分CET
それが先週発表された厳格な金融とマクロ経済の条件を満たして提供され、枠組み合意は、スペインは、ベンチを必要とする以上残ってお金でヨーロッパの救済基金から利用できる完全な兵器を適用することができ、その最大値まで100,000百万。それが昨日に上昇し、リスクプレミアムスペイン語を下げるために、昨年の欧州ファンドへの変更、主要市場における債券の購入（財務省競売IE）と秒針は以下が含まれ580ポイントをタッチします。 EFSFは、このように政府債務を購入し、使用される数値があまりにも多くの喜びを許可していないものの、圧力を下げるために試みることができる。スペイン10年債の利益が危険な7％、完全リカバリまたは市場への介入の可能性を示唆している持続可能レートに近いものです。
スペイン政府またはユーログループ、欧州委員会はどちらも、単一のEU執行部は、ドイツ議会に配信素材の139ページに表示される可能性は、これまでのところ語られているされていません。幹部は議会大陸の様々な議会で、これらの日に選ばれているヨーロッパのライフラインの詳細が利用できるようにしていないブリュッセル、スペインの税情報cerrojazo、にもかかわらず、文書の連邦資金のこれらの139ページは、次のとおりです。あなたは救済の条件として、欧州のお金を使うことができる欧州の救済基金、スペイン、銀行再編基金（FROB）、スペインの銀行、詳細については、両方の可能性の範囲との間の協定時間（平均で12.5年発表）と速度の面で（EFSFの資金調達のコストに依存します）。条件とコントロールが救助され、他の国に比べてそれほど厳格ではありませんが、ドキュメントでは、金融セクターを越えて、スペインの完全な償還のアイデアをクレジット。したがって、ドイツ語やオランダ語の補助として政府の政治的困難が有権者に伝える、議会で承認されています。援助に対する源泉情報を主張するだけの銀行と無条件に税のクレジットの行として救済を販売することを約束したままスペイン政府の賛辞。
詳細については、スペインでは、ディーラーの100,000百万までの身代金を要求する民主主義の最も困難な調整32短期的な条件悪い銀行救済にスペインの25,000百万EUの引当金メルケル首相は "我々はまだすべてが動作することを確認することはできません。"チェリー： "我々は信用を返します。 "債権者への損失はありませんブリュッセルは、援助を与えるために厳しいリストラ計画を課します。
財務リストラから残ったお金で、市場で債券を購入することに加えて、契約は、スペインは、その排出量を、予防的クレジットラインは、極端な必要性の場合の混合袋の種類の担保として、これらの資金を使用することができ、スペインは最終的に第一の損失を保証する国際的な投資家やソブリンウェルスファンドから資金を調達できるようになるにも投資ビークル。
このすべてに私たちは正式に好ましい実施形態の欧州救済基金の諮問委員会として機能し、ユーロ圏財務相会合を要求する必要があります。その後、欧州委員会は合意にスペインの変更を交渉した。これらの変更の採択に続いて、詳細は技術会議で合意されるでしょう。そして、あなたは厳密に銀行の条件とスペインがコミットされている財政措置を遵守する必要があります。そのようなコンプライアンスに縛られ、閣僚理事会は付加価値税の増加などの間で公務員の賃金カット、で、金曜日に60,000百万ユーロカットのハードに近いパッケージを承認した。しかし、スペインはまだすべての業務を行っていない：それは、7月の終わりの前にブリュッセルに2013年と2014年のビエンナーレの予算を送信する必要があります。
スペインの救済を承認するために、その議会にいくつかのヨーロッパの政府によって提供された材料の中でいくつかの宝石があります。オランダのエグゼクティブのドキュメントでは、スペインが "資金調達コストは、現在の高いレベルから落ちることを前提に基づいて、ローンを返済するのに十分な容量を持っているようだ"と述べた。つまり、スペインが救済されていない場合、低金利を返済する能力を持たないと言うことです。連邦議会に送られた文書は、アンゲラ·メルケル首相の政府は、スペインの銀行の救済によって課された条件についての議論を捨てる： "構造改革については、スペイン当局は、国固有の推奨事項を実装する必要があります[ブリュッセルで承認され]、 "ルイスDoncel氏は述べています。
テキストは、FROBで、スペイン政府はまた、EFSFまたはその代替、欧州の安定性機構（MEDE）との協定に締約国であることを保証します。したがって、国家はすべての債務に責任があります。
6月の首脳会談は3つの理由のためにスペイン語とイタリア関心の成功として開催された欧州の指導者たちは、MEDEは、その債権者の地位を失い、ECBはヨーロッパの銀行の監督を取ることを条件として、銀行の直接の資本増強を許可好ましいのは、と、最終的に、特に使用して、ユーロ圏の金融不安を追い払うために "必要なすべて"を実行することをコミットメント（確約） "加盟国の市場を安定させるために、柔軟かつ効率的な既存の楽器を"それは多くの問題を抱えた国からの不良債権を購入する救済基金を使用して、です。
100,000百万円合計助成金
スペイン、救済基金の間で枠組み合意では、スペインの償還を指定することができる可能性がメニューを提供します。財務省オークションや流通市場における社債の購入、新たに発行する有価証券の状態または部分的な保証への融資がされているアーセナルの銀行の一部の資本再構成をサポートしています。どのような契約は、100,000百万ユーロの "金融支援の総額"を設定することであり、契約の締結の時点で銀行の資本増強のメカニズムに特定の条件に達したと述べた。
そして彼は複雑な法律上の言語のコミュニティでは、言う： "受益者の加盟国は、機構または代替のほかの形で財政援助を得るためにしようとする場合には手紙が書面で次のいずれかのメカニズムを適用する必要があります。 EFSFが作っているか、または本契約に基づき受益者の加盟国に利用できるようになり、他のすべての財政援助と組み合わせて、この新しいメカニズムの量は、財政援助の総額を超えないものとしますユーログループ、。 "
つまりスペインは別のメカニズムが100,000百万円の合計を超えない限り、使用されていることを要求することができます。
スペインの救済基金との契約は、ユーロ圏財務相会合への書き込みでこのような要求の後、 "委員会は（ECBと（該当する場合）、国際通貨基金（IMF）との連携）の必要な変更を交渉するか、覚書を補完するだろう"と提供しています覚書への修正または補足の採択に続いて、委員会は（ECBとEFSFとのコラボレーション）、フォーム、この新しいメカニズムを使用しての重要な用語のユーログループワーキンググループに提案を行いますに役立ちます。ユーログループの作業部会の決定に続いて、技術的な詳細がネゴシエートされます。契約の条件の下で定められた最後に、連邦軍、スペイン政府、スペインの銀行は、協定に署名する
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