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Los socios del euro imponen a España una intervención suave de la economía
El Eurogrupo llega a un acuerdo político que se firmará el próximo día 20
Antes de final de julio llegarán los primeros 30.000 millones para los bancos
La eurozona exige fuertes condiciones financieras y fiscales, que incluyen la subida del IVA
Habrá misiones de la troika en Madrid cada tres meses
Claudi Pérez Bruselas10 JUL 2012 - 02:19 CET
Euro partners impose Spain a soft intervention in the economy
The Eurogroup reach a political agreement to be signed the next day 20
Before you reach the end of July the first 30,000 million for banks
The eurozone requires strong financial and fiscal conditions, including the VAT hike
There troika missions in Madrid every three months
Claudi Perez Brussels 10 JUL 2012 - 02:19 CET
The Eurogroup reach a political agreement to be signed the next day 20
Before you reach the end of July the first 30,000 million for banks
The eurozone requires strong financial and fiscal conditions, including the VAT hike
There troika missions in Madrid every three months
Claudi Perez Brussels 10 JUL 2012 - 02:19 CET
The eurozone partners have been signed at dawn on Tuesday an agreement of great importance that will set policy and the Spanish economy in the coming years. The euro countries have given approval to the bailout (30,000 million euros to start before the end of July) and granted an additional year to Madrid to meet the deficit, in return for strict fiscal, banking and supervisory . That is, an intervention with all of the law, although less intense than that of the three countries rescued so far: Greece, Portugal and Ireland.
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 partners will impose sweeping changes throughout the financial sector. And to round off immediately calls Brussels' new tax measures "the government to ensure that Spain meets its deficit targets. The Executive was ahead in the morning to these demands and announced that, contrary to his campaign promises, the VAT rise on Friday. But Vice President Olli Rehn has said that Spain "will fully comply" with the new specifications and has not ruled out that among these requirements are other measures such as cuts in pensions or unemployment benefits. The French Minister Pierre Moscovici explained that the Spanish government itself suggested at the meeting very delicate policy changes, such as on pensions.
Brussels requires a very demanding capital ratio of 9% for all banks, which could stifle further credit and recovery
With more frequent missions in Madrid, Brussels demanding more and more adjustments and banks totally dependent on the liquidity of the ECB, some months ago that the Spanish economy was subject to a soft intervention from Frankfurt and Brussels. The golden rule introduced in the Constitution is perhaps the clearest sign of this situation. But the measures announced this coming Monday night to tighten the requirements defined as the control and supervision, both on the side of fiscal policy and autonomous regions, and by the banks, major players in the Spanish crisis after the sound of the housing bubble burst.
The agreement in the Eurogroup, the meeting of ministers of Economy and Finance of the euro, which lasted more than nine hours will be formalized on 20 July. And by the end of the month the first installment will bailout the banks, of 30,000 million euros, to cover the most urgent needs: those of Bankia, for example. That help is actually a loan to FROB, the state rescue fund, and therefore counted as debt, at least until it is ready direct recapitalization of banks at an interest rate could be around 4%, an average maturity of 12.5 years, which in the best case is 15 years. That is in the low band of the request of the Spanish, who could not prevent, the conditions, the European partners to impose losses on financial products such as preference shares, which the minister Luis de Guindos dismissed a few days ago. Addition to the requirements for entities that request aid (bonus and dividend policy of zero, asset sales and office, layoffs and even liquidation of banks if necessary), Brussels requires horizontal conditions across the sector: capital ratio was very demanding 9% for all banks, which could stifle further credit recovery. And calls for "reform the regulatory and supervisory framework," flying with the ECB over-criticized by the government itself-Bank of Spain.
The Commission will propose on Tuesday Ecofin extend by one year the deficit target of 3% of GDP
Nothing is free, but not all are conditions. The Commission will propose on Tuesday Ecofin extend by one year the deficit target of 3% of GDP, and relaxes the deficit target for this year, which stood at 6.3% of GDP, the depth of the recession Spanish, that has decimated government revenues significantly. The announced increase in VAT, together with measures on the spending side, such as increased working hours of staff, announced Monday by the finance minister, Cristobal Montoro-shore accounts is to meet that goal. But that can backfire: higher taxes on consumption, as instructed to criticize the ECB president, Mario Draghi, will further reduce the already weak demand. Further cuts in a storm: a recession looming and deep and lasting than the best will last well into next year. Between fiscal conditions is also submitting a biennial budget plan, which should be ready this month, and measures to "rebalance the accounts of the autonomous communities," explained Rehn. "The situation is complex, but feasible," said Commission Vice-President, who praised the "collaboration" of the Spanish authorities and the efforts to stabilize the precarious economic situation.
more informationThe Government will raise the VAT and will make adjustmentsThe EU calls for more measures in exchange for an extra point deficitKrugman Blog: 'The solution is beyond politicians'"The fund provides loans to European countries, does not make donations"A tax hike inevitable and imminent, JSGONZÁLEZ | A.MARSDraghi: "Spain Balotelli reminds me crying in the end"
The Eurogroup also took steps toward direct recapitalization of banks approved at the last summit, although for this the EU must accelerate for a common supervisor before the end of the year. These terms are still very, very fuzzy, which has led to skepticism to say the least-markets. European leaders, at least one of the doubts cleared in the last hours planned on the management of the crisis in the EU: a European source said late last week that when you are ready mechanism to recapitalize the banks directly (and thus eliminate at a stroke, in the Spanish case, the volume of debt required to undertake the rescue of the entities), guarantees against losses would remain the responsibility of governments. Thus, it would eliminate the debt balance the state but not the risk of having to cope with losses. On Monday night, European leaders said the exact opposite: "There will be collateral requirements for governments," said Rehn as both managing director of the rescue fund, Thomas Regling.
Along with the avalanche conditions for the financial system and fiscal policy, several doors were closed on Monday for Spain. Luxembourg's Yves Mersch is executive director of the ECB, to the detriment of the candidate presented by the Spanish Government. And the German Regling chair the permanent rescue mechanism, although Spain also opted for that position. Zero to two: the Spanish presence in the European institutions and suffers a serious setback. It breaks a tacit agreement that gave Spain a chair in the most influential organ for the management of the European crisis, the ECB, where the fourth eurozone economy will no longer have a representative at least the next six years. All this amid a worsening recession, with the risk premium through the roof, with unemployment around 25%, with the need to enact further cuts in a hurry to implement the recommendations of the Commission, now converted into demands . With the institutional credibility of Spain "low minimum", according to diplomatic sources. And with the troika missions through the door of the Bank of Spain and the Ministry of Finance every three months.
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 partners will impose sweeping changes throughout the financial sector. And to round off immediately calls Brussels' new tax measures "the government to ensure that Spain meets its deficit targets. The Executive was ahead in the morning to these demands and announced that, contrary to his campaign promises, the VAT rise on Friday. But Vice President Olli Rehn has said that Spain "will fully comply" with the new specifications and has not ruled out that among these requirements are other measures such as cuts in pensions or unemployment benefits. The French Minister Pierre Moscovici explained that the Spanish government itself suggested at the meeting very delicate policy changes, such as on pensions.
Brussels requires a very demanding capital ratio of 9% for all banks, which could stifle further credit and recovery
With more frequent missions in Madrid, Brussels demanding more and more adjustments and banks totally dependent on the liquidity of the ECB, some months ago that the Spanish economy was subject to a soft intervention from Frankfurt and Brussels. The golden rule introduced in the Constitution is perhaps the clearest sign of this situation. But the measures announced this coming Monday night to tighten the requirements defined as the control and supervision, both on the side of fiscal policy and autonomous regions, and by the banks, major players in the Spanish crisis after the sound of the housing bubble burst.
The agreement in the Eurogroup, the meeting of ministers of Economy and Finance of the euro, which lasted more than nine hours will be formalized on 20 July. And by the end of the month the first installment will bailout the banks, of 30,000 million euros, to cover the most urgent needs: those of Bankia, for example. That help is actually a loan to FROB, the state rescue fund, and therefore counted as debt, at least until it is ready direct recapitalization of banks at an interest rate could be around 4%, an average maturity of 12.5 years, which in the best case is 15 years. That is in the low band of the request of the Spanish, who could not prevent, the conditions, the European partners to impose losses on financial products such as preference shares, which the minister Luis de Guindos dismissed a few days ago. Addition to the requirements for entities that request aid (bonus and dividend policy of zero, asset sales and office, layoffs and even liquidation of banks if necessary), Brussels requires horizontal conditions across the sector: capital ratio was very demanding 9% for all banks, which could stifle further credit recovery. And calls for "reform the regulatory and supervisory framework," flying with the ECB over-criticized by the government itself-Bank of Spain.
The Commission will propose on Tuesday Ecofin extend by one year the deficit target of 3% of GDP
Nothing is free, but not all are conditions. The Commission will propose on Tuesday Ecofin extend by one year the deficit target of 3% of GDP, and relaxes the deficit target for this year, which stood at 6.3% of GDP, the depth of the recession Spanish, that has decimated government revenues significantly. The announced increase in VAT, together with measures on the spending side, such as increased working hours of staff, announced Monday by the finance minister, Cristobal Montoro-shore accounts is to meet that goal. But that can backfire: higher taxes on consumption, as instructed to criticize the ECB president, Mario Draghi, will further reduce the already weak demand. Further cuts in a storm: a recession looming and deep and lasting than the best will last well into next year. Between fiscal conditions is also submitting a biennial budget plan, which should be ready this month, and measures to "rebalance the accounts of the autonomous communities," explained Rehn. "The situation is complex, but feasible," said Commission Vice-President, who praised the "collaboration" of the Spanish authorities and the efforts to stabilize the precarious economic situation.
more informationThe Government will raise the VAT and will make adjustmentsThe EU calls for more measures in exchange for an extra point deficitKrugman Blog: 'The solution is beyond politicians'"The fund provides loans to European countries, does not make donations"A tax hike inevitable and imminent, JSGONZÁLEZ | A.MARSDraghi: "Spain Balotelli reminds me crying in the end"
The Eurogroup also took steps toward direct recapitalization of banks approved at the last summit, although for this the EU must accelerate for a common supervisor before the end of the year. These terms are still very, very fuzzy, which has led to skepticism to say the least-markets. European leaders, at least one of the doubts cleared in the last hours planned on the management of the crisis in the EU: a European source said late last week that when you are ready mechanism to recapitalize the banks directly (and thus eliminate at a stroke, in the Spanish case, the volume of debt required to undertake the rescue of the entities), guarantees against losses would remain the responsibility of governments. Thus, it would eliminate the debt balance the state but not the risk of having to cope with losses. On Monday night, European leaders said the exact opposite: "There will be collateral requirements for governments," said Rehn as both managing director of the rescue fund, Thomas Regling.
Along with the avalanche conditions for the financial system and fiscal policy, several doors were closed on Monday for Spain. Luxembourg's Yves Mersch is executive director of the ECB, to the detriment of the candidate presented by the Spanish Government. And the German Regling chair the permanent rescue mechanism, although Spain also opted for that position. Zero to two: the Spanish presence in the European institutions and suffers a serious setback. It breaks a tacit agreement that gave Spain a chair in the most influential organ for the management of the European crisis, the ECB, where the fourth eurozone economy will no longer have a representative at least the next six years. All this amid a worsening recession, with the risk premium through the roof, with unemployment around 25%, with the need to enact further cuts in a hurry to implement the recommendations of the Commission, now converted into demands . With the institutional credibility of Spain "low minimum", according to diplomatic sources. And with the troika missions through the door of the Bank of Spain and the Ministry of Finance every three months.
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