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Bruselas exige a España más recortes en plena recesión para flexibilizar el déficit
El Eurogrupo impone condiciones a la banca, control financiero y nuevas medidas fiscales
Claudi Pérez Bruselas10 JUL 2012 - 16:02 CET
Brussels to Spain requires more cuts in a recession to ease the deficit
The Eurogroup imposes conditions on banking, financial control and new tax measures
Claudi Perez Brussels 10 JUL 2012 - 16:02 CET
The Eurogroup imposes conditions on banking, financial control and new tax measures
Claudi Perez Brussels 10 JUL 2012 - 16:02 CET
Shock therapy. The European Union has agreed on Tuesday the bailout of Spain and a relaxation of the deficit targets. In return, financial conditions required for banks and a new wave of adjustments without delay: more cuts in a recession, the government of Mariano Rajoy announced as soon as tomorrow. Spain was the subject of low-intensity intervention when the European Central Bank (ECB) bought Spanish debt, a few months, with frequent missions from the European Commission, International Monetary Fund and the Eurobanco: soft intervention that now goes several steps, with strong conditions for banking, direct control over financial supervision and new tax measures. The government has already pointed out that the VAT rise and force officials to increase their working hours. Several sources consulted indicate that there may also be measures related to pensions and unemployment insurance benefit, the elimination of the deduction for housing and the submission of a biennial budget for 2013 and 2014 later this month.
The Economy Minister Luis de Guindos, explained in Brussels on the banking bailout. It will be up to 100,000 million and was finally approved on 20 July. The temporary bailout fund will give a first tranche of aid to Spain, from 30,000 million euros, "if there is any emergency situation that requires an immediate injection, as a mattress," he said. Spain must complete further analysis to determine the capital requirements by state entity with the aim of the whole sector to reach a capital ratio of 9%. From there, the entities that request will be limited public money its executives bonuses and dividend policy. Holders of preference shares products incur losses. And it will create one or more bad banks to manage the toxic real estate assets. Among the conditions for the sector, in addition to higher capital requirements European partners require greater control of the legal framework of the old boxes and supervision of the Bank of Spain, which is de facto under the tutelage of the troika.
The conditions of the bailout, which is actually a loan to Spain, are still to be seen in some cases. Not determined the final amount or the interest rate that will be around 4% (in fact, is the interest rate at which funds the European temporary bailout fund plus a spread of between half a point and a point). Will be through bonds: the European rescue fund injected these bonds, with an average maturity of 12.5 years in the Spanish rescue fund (FROB), and this in the balance of the entities that need it. And the institution may retain such bonds on their balance sheets or go to the ECB window to get hard cash. There is no grace period, but the principal of the bonds is paid at maturity (10 to 15 years), while the interest is paid annually. "In the next 18 months we maximize the time to clean up the banking system," said Guindos. Another thing is that it ends noticing in the risk premium: "There are other factors that influence the interest on the debt, such as doubts about the European project in the markets," he acknowledged Guindos.
The minister seized the mantra that there is no new fiscal conditionality. And somehow it's true: Spain must comply with the recommendations of the Commission. The problem is that these recommendations have now become demands. In exchange for an additional year to leave the deficit in the sacred 3% of GDP, the government must introduce additional measures without delay. Even those that go against its own program, as the increase in VAT, harshly criticized by President Rajoy when he was in opposition. A s tough.
The Economy Minister Luis de Guindos, explained in Brussels on the banking bailout. It will be up to 100,000 million and was finally approved on 20 July. The temporary bailout fund will give a first tranche of aid to Spain, from 30,000 million euros, "if there is any emergency situation that requires an immediate injection, as a mattress," he said. Spain must complete further analysis to determine the capital requirements by state entity with the aim of the whole sector to reach a capital ratio of 9%. From there, the entities that request will be limited public money its executives bonuses and dividend policy. Holders of preference shares products incur losses. And it will create one or more bad banks to manage the toxic real estate assets. Among the conditions for the sector, in addition to higher capital requirements European partners require greater control of the legal framework of the old boxes and supervision of the Bank of Spain, which is de facto under the tutelage of the troika.
The conditions of the bailout, which is actually a loan to Spain, are still to be seen in some cases. Not determined the final amount or the interest rate that will be around 4% (in fact, is the interest rate at which funds the European temporary bailout fund plus a spread of between half a point and a point). Will be through bonds: the European rescue fund injected these bonds, with an average maturity of 12.5 years in the Spanish rescue fund (FROB), and this in the balance of the entities that need it. And the institution may retain such bonds on their balance sheets or go to the ECB window to get hard cash. There is no grace period, but the principal of the bonds is paid at maturity (10 to 15 years), while the interest is paid annually. "In the next 18 months we maximize the time to clean up the banking system," said Guindos. Another thing is that it ends noticing in the risk premium: "There are other factors that influence the interest on the debt, such as doubts about the European project in the markets," he acknowledged Guindos.
The minister seized the mantra that there is no new fiscal conditionality. And somehow it's true: Spain must comply with the recommendations of the Commission. The problem is that these recommendations have now become demands. In exchange for an additional year to leave the deficit in the sacred 3% of GDP, the government must introduce additional measures without delay. Even those that go against its own program, as the increase in VAT, harshly criticized by President Rajoy when he was in opposition. A s tough.
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