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欧州中央銀行のドイツ銀行の反対でスペインやイタリアの国債購入の停止により、スペインは財政破綻(救済申請)に追い込まれる
Draghi empuja a España a otro rescate
El BCE aplaza las medidas extraordinarias hasta que los Gobiernos soliciten auxilio
El eurobanco reabre la puerta a la compra de bonos
Luis Doncel Fráncfort2 AGO 2012 - 21:59 CET
Draghi pushes Spain to another rescue
The ECB postponed until the extraordinary measures that governments request assistance
The Eurobanco reopens the door to the purchase of bonds
Luis Doncel Frankfurt 2 AGO 2012 - 21:59 CET
The ECB postponed until the extraordinary measures that governments request assistance
The Eurobanco reopens the door to the purchase of bonds
Luis Doncel Frankfurt 2 AGO 2012 - 21:59 CET
An outraged group camped at the door of the headquarters of the European Central Bank (ECB) require bosses to help the continent Greeks are faring worse. Just two miles from the tower from which pilots the monetary union is the German central bank, or Bundesbank, head of the policy of rigor and orthodoxy demanded by northern countries. Somewhere between these two diametrically opposed prescriptions for overcoming the crisis of the euro, ECB president, Mario Draghi, on Thursday gave an answer not entirely happy one.
more informationANALYSIS: All power to DraghiFEATURE: Draghi than the dogma of TrichetRajoy dare not rule out that Spain for help to rescue fundIf the ECB itself came to help the euroThe risk premium has the highest pick in a dayThe Treasury pays more for debtHawks and doves in the same nest
The president made it clear that there will Eurobanco help countries suffering unbearable escalation in their cost of funding, yes. But for this comes, will the governments who will have to ask the European rescue fund is released to buy debt. Only then the ECB will intervene. Thus, in one go, Draghi moves the whole pressure on the countries to the brink of the intervention. That is, to Spain.
The Government of Mariano Rajoy looks like the hellish situation of having to choose between a ransom, the second, after the bank for less than two months, or burning in the markets. The decision has therefore tried to avoid the executive, many analysts predicted for the return of summer, is now a little closer.
Draghi admits that the "exceptional circumstances of the markets and the risks to financial stability" force the ECB to make decisions. But neither clarified the scope of these, or when it will be taken. "In the coming weeks we will design the appropriate procedures," he said at the press conference held after the monthly meeting of the Governing Council of the lead institution for nine months. Yes he made it clear both that the first pulse corresponds to the country that aspires to be helped and that once you ask the lifeguard, the Government is subject to conditionality "strict and effective."
The Government of Mariano Rajoy looks devilish in tessitura to ask another rescue or fire burn in markets
This conditionality is reduced to nothing the discretion of the assisted countries, which have to obey the dictates of Berlin and Brussels to ensure they meet the road marked to adjust their accounts. Again it is an aspect in the air. There is no doubt that a new rescue force Spain to sign another memorandum of understanding, the contract that in return for a loan is assessed a number of conditions, but Draghi was not clear whether this new document would result in the imposition reforms and further cuts would only hard or increased pressure to carry out those already provided. To meet the existing requirements, the Government approved on Friday Rajoy, a few days of delay on the agreed timetable, the budget for the next two years. You should also undertake more cuts if it is to meet the objective of reducing the deficit below 3% in 2014.
The plan designed by Draghi, who said that the meeting was not discussed specifically in Spain, would go through a formal request that the bailout fund, officially called the European Financial Stability Facility, EFSF-is released to buy debt. It is unclear whether it would in the primary market, where states issue bonds directly, or secondary, which is the second-hand. The most recalcitrant in their orthodoxy, such as Finland, opt for the former. Only then the ECB could resume its bond purchase program, stalled since last March, to lower the risk premium.
But this intervention does not seem Eurobanco be free of uncertainty. Germany has shown on countless occasions his opposition to accumulate debt Frankfurt peripheral countries. On Thursday again make clear his thesis. Draghi admitted that the decision was made in the highest body of the ECB with one vote against and there is little doubt about who was the disagreement. The Italian recalled with a hint of irony, it's not a secret that Jens Weidmann, Bundesbank President and ECB member, is opposed to the purchase of public debt.
There is no doubt that a new rescue force Spain to sign another memorandum of understanding, a contract with a number of conditions
These differences cast doubt on the response that will give the ECB at the time when Spain requested the intervention of the EFSF. Draghi swam in the ambiguity by stating only that the Governing Council might consider using the time-always-measures conditional unconventional monetary policy "in the coming weeks." It is understood that these measures would support the ECB to EFSF to buy debt.
In the struggle between northern and southern Europe, Germany Draghi said the same when nipped in the bud speculation about the possibility of granting bank tab at the European Stability Mechanism (MEDE), the bailout fund permanent successor to the EFSF. This measure would multiply to infinity the ability to buy debt of the countries on the verge of suffocation, but has the opposition of Berlin. ECB President stressed that the current statutes, the MEDE can not fulfill this function. "As we feared, the ECB has not announced any action. Instead, put the ball in the field of Governments ", summarizes the Morgan Stanley analysts.
Draghi nipped in the bud speculation about the possibility of granting bank tab European Stability Mechanism
"Draghi disappointed." So on Thursday the signing titled Schroders. His analyst for Europe, Azad Zangana, says ECB president has failed in its attempt to fulfill a promise to make "whatever necessary" to save the euro. Judging by the opinion of the markets, it is true that the Italian defrauded investors last week reacted euphorically to his speech supporting seamless monetary union. The Spanish risk premium soared to almost 600 basis points and the Madrid stock exchange fell more than 5%.
As in the speech a week ago, Draghi repeated Thursday that it makes no sense to attack the euro because it is irreversible. Even mentioned in passing the drachma, explaining that there was no return to national currencies. Does the euphoria of his famous words in London was then the result of a misunderstanding? "No. Have you read my speech? There did not say anything or buy bonds or the time to take action, "Draghi said to reporters who inquired about possible inconsistencies in the two messages.
The ECB announced other decisions of lesser importance as leaving interest rates at record low of 0.75% or hold at 0% the deposit facility, the interest with which he paid the money that banks left in its coffers. But the meeting on Thursday will be remembered as the decisive impulse that determines the steps to give Spain in the coming weeks. "The main message is that it has launched Draghi act, but not alone, and he wants the government to make the reforms they have undertaken", Nicolas Veron synthesized, an analyst at Bruegel Belgian study center.
The IMF insists that Europe has not done enough
The IMF has again insisted on Thursday that not enough has been done to prevent the spread of the crisis in the eurozone, so it has called "a policy change the game", considering that the situation is hitting hard block, its smaller neighbors and threatens the entire economy.
In a report analyzing the situation of the five largest economies-the United States, China, Japan, UK and the Eurozone-the organization chaired by Christine Lagarde reiterated that the crisis in Europe is by far the largest concern this time. "Despite progress made, the feeling is that not enough has been done to prevent the spread of stress and attenuate feedback loops fiscal and banking on growth," said the agency.
However, the IMF has said that the eurozone is not the only concern, and pointed out that the U.S. should eliminate the threat of so-called "tax cliff" in 2013, with spending cuts of up to 400,000 million dollars (about 330,000 million euros) towards the end of that year.
more informationANALYSIS: All power to DraghiFEATURE: Draghi than the dogma of TrichetRajoy dare not rule out that Spain for help to rescue fundIf the ECB itself came to help the euroThe risk premium has the highest pick in a dayThe Treasury pays more for debtHawks and doves in the same nest
The president made it clear that there will Eurobanco help countries suffering unbearable escalation in their cost of funding, yes. But for this comes, will the governments who will have to ask the European rescue fund is released to buy debt. Only then the ECB will intervene. Thus, in one go, Draghi moves the whole pressure on the countries to the brink of the intervention. That is, to Spain.
The Government of Mariano Rajoy looks like the hellish situation of having to choose between a ransom, the second, after the bank for less than two months, or burning in the markets. The decision has therefore tried to avoid the executive, many analysts predicted for the return of summer, is now a little closer.
Draghi admits that the "exceptional circumstances of the markets and the risks to financial stability" force the ECB to make decisions. But neither clarified the scope of these, or when it will be taken. "In the coming weeks we will design the appropriate procedures," he said at the press conference held after the monthly meeting of the Governing Council of the lead institution for nine months. Yes he made it clear both that the first pulse corresponds to the country that aspires to be helped and that once you ask the lifeguard, the Government is subject to conditionality "strict and effective."
The Government of Mariano Rajoy looks devilish in tessitura to ask another rescue or fire burn in markets
This conditionality is reduced to nothing the discretion of the assisted countries, which have to obey the dictates of Berlin and Brussels to ensure they meet the road marked to adjust their accounts. Again it is an aspect in the air. There is no doubt that a new rescue force Spain to sign another memorandum of understanding, the contract that in return for a loan is assessed a number of conditions, but Draghi was not clear whether this new document would result in the imposition reforms and further cuts would only hard or increased pressure to carry out those already provided. To meet the existing requirements, the Government approved on Friday Rajoy, a few days of delay on the agreed timetable, the budget for the next two years. You should also undertake more cuts if it is to meet the objective of reducing the deficit below 3% in 2014.
The plan designed by Draghi, who said that the meeting was not discussed specifically in Spain, would go through a formal request that the bailout fund, officially called the European Financial Stability Facility, EFSF-is released to buy debt. It is unclear whether it would in the primary market, where states issue bonds directly, or secondary, which is the second-hand. The most recalcitrant in their orthodoxy, such as Finland, opt for the former. Only then the ECB could resume its bond purchase program, stalled since last March, to lower the risk premium.
But this intervention does not seem Eurobanco be free of uncertainty. Germany has shown on countless occasions his opposition to accumulate debt Frankfurt peripheral countries. On Thursday again make clear his thesis. Draghi admitted that the decision was made in the highest body of the ECB with one vote against and there is little doubt about who was the disagreement. The Italian recalled with a hint of irony, it's not a secret that Jens Weidmann, Bundesbank President and ECB member, is opposed to the purchase of public debt.
There is no doubt that a new rescue force Spain to sign another memorandum of understanding, a contract with a number of conditions
These differences cast doubt on the response that will give the ECB at the time when Spain requested the intervention of the EFSF. Draghi swam in the ambiguity by stating only that the Governing Council might consider using the time-always-measures conditional unconventional monetary policy "in the coming weeks." It is understood that these measures would support the ECB to EFSF to buy debt.
In the struggle between northern and southern Europe, Germany Draghi said the same when nipped in the bud speculation about the possibility of granting bank tab at the European Stability Mechanism (MEDE), the bailout fund permanent successor to the EFSF. This measure would multiply to infinity the ability to buy debt of the countries on the verge of suffocation, but has the opposition of Berlin. ECB President stressed that the current statutes, the MEDE can not fulfill this function. "As we feared, the ECB has not announced any action. Instead, put the ball in the field of Governments ", summarizes the Morgan Stanley analysts.
Draghi nipped in the bud speculation about the possibility of granting bank tab European Stability Mechanism
"Draghi disappointed." So on Thursday the signing titled Schroders. His analyst for Europe, Azad Zangana, says ECB president has failed in its attempt to fulfill a promise to make "whatever necessary" to save the euro. Judging by the opinion of the markets, it is true that the Italian defrauded investors last week reacted euphorically to his speech supporting seamless monetary union. The Spanish risk premium soared to almost 600 basis points and the Madrid stock exchange fell more than 5%.
As in the speech a week ago, Draghi repeated Thursday that it makes no sense to attack the euro because it is irreversible. Even mentioned in passing the drachma, explaining that there was no return to national currencies. Does the euphoria of his famous words in London was then the result of a misunderstanding? "No. Have you read my speech? There did not say anything or buy bonds or the time to take action, "Draghi said to reporters who inquired about possible inconsistencies in the two messages.
The ECB announced other decisions of lesser importance as leaving interest rates at record low of 0.75% or hold at 0% the deposit facility, the interest with which he paid the money that banks left in its coffers. But the meeting on Thursday will be remembered as the decisive impulse that determines the steps to give Spain in the coming weeks. "The main message is that it has launched Draghi act, but not alone, and he wants the government to make the reforms they have undertaken", Nicolas Veron synthesized, an analyst at Bruegel Belgian study center.
The IMF insists that Europe has not done enough
The IMF has again insisted on Thursday that not enough has been done to prevent the spread of the crisis in the eurozone, so it has called "a policy change the game", considering that the situation is hitting hard block, its smaller neighbors and threatens the entire economy.
In a report analyzing the situation of the five largest economies-the United States, China, Japan, UK and the Eurozone-the organization chaired by Christine Lagarde reiterated that the crisis in Europe is by far the largest concern this time. "Despite progress made, the feeling is that not enough has been done to prevent the spread of stress and attenuate feedback loops fiscal and banking on growth," said the agency.
However, the IMF has said that the eurozone is not the only concern, and pointed out that the U.S. should eliminate the threat of so-called "tax cliff" in 2013, with spending cuts of up to 400,000 million dollars (about 330,000 million euros) towards the end of that year.
ドラギは、他の救助にスペインをプッシュ
ECBは、政府が支援を要求する異例の措置まで延期
Eurobancoは、債券の購入への扉を再び開きます
2012 AGOルイスDoncelフランクフルト2 - 21時59分CET
欧州中央銀行（ECB）の本社の入り口でキャンプ憤慨グループは、上司が大陸のギリシア人は悪く苦戦を支援する必要があります。金融組合が、北部の国で求められる厳格さと正統派の政策の頭部ドイツの中央銀行、またはブンデスバンクであるパイロットから塔からわずか2マイル。どこかユーロの危機を克服するためのこれら二つの正反対の処方との間で、木曜日にECB社長、マリオドラギではなく、答えは完全に幸せなものを与えた。
詳細については、分析：ドラギにすべての電源特集：ドラギ総裁の教義よりRajoyは、スペインが助けのための基金を救出することを排除しない勇気ECB自体は、ユーロを支援するために付属している場合リスク·プレミアムは一日で最高のピックを持っている財務省は、債務のために多くを支払う同じ巣の中のタカ派とハト
社長は、それがEurobancoはい、国が資金調達のそのコストに耐えられないエスカレーションを苦しみが助けることを明らかにした。しかし、これは来るために、欧州の救済基金を依頼する必要があります政府は負債を買うために解放されます。だけにしてECBは介入する。したがって、一度に行うには、ドラギは、介入の瀬戸際に国に全圧に移動します。それはスペインに、です。
マリアーノRajoy政府は身代金、第二に、2ヶ月未満の銀行の後、または市場での燃焼のどちらかを選択しなければならないという地獄のような状況のように見えます。決定は、したがって、執行を避けるためにしようとしましたが、多くのアナリストは少し近いですが、夏のリターンを予測した。
ドラギは、 "市場の例外的な状況と金融の安定に対するリスクは、" ECBは意思決定を行うように強制することを認めている。しかし、どちらもこれらの範囲を明らかにしない場合、または、それが撮影されます。 "今後数週間のうちに我々は適切な手順を設計する"と、彼は9ヶ月のリード機関の理事会の月例会議後の記者会見で語った。はい彼はそれが最初のパルスが助け、あなたがライフガードに尋ねるれれば、政府は、コンディショナリティーの対象であることをなることを目指して国に対応していることの両方をクリアした "厳重かつ効果的な。"
マリアーノRajoyの政府は、市場内の別の救助や火災火傷を依頼する音域で悪魔のように見える
このコンディショナリティーは、何も彼らが自分のアカウントを調整するためにマークされた道路を満たすように、ベルリン、ブリュッセルの命令に従わなければならない支援国の裁量に低減されます。再びそれは空気中の側面です。そこに新しいレスキューフォーススペインの理解の別の覚書、融資の見返りに条件の数を評価されている契約に署名することは間違いありませんが、ドラギは、この新しい文書が負担になるかどうかは明確ではありませんでした改革とさらなる削減は、すでに提供されているものを遂行するハードまたは加圧のみになります。既存の要件を満たすために、政府は金曜日Rajoy、合意されたスケジュールの遅延の数日、今後2年間の予算を承認しました。それは2014年に3％以下赤字を削減する目標を達成する場合また、より多くの削減を行うべきである。
会議がスペインで特に議論されていないことを言っドラギ、によって設計された計画は、正式に欧州の金融安定化ファシリティと呼ばれ、その救済基金の正式な要求を介して行くだろう、EFSF-は負債を買うためにリリースしました。それは番目の手である主が直接債券を発行し米国市場、またはセカンダリであるかどうかは不明である。このようなフィンランド、前者optなど、彼らの正統性の中で最も手に負えない。だけにしてECBはリスク·プレミアムを下げるために、昨年3月以来停止して、その債券購入プログラムを再開することができます。
しかし、この介入はEurobancoは、不確実性の自由であるように見えることはありません。ドイツは無数の機会に債務フランクフルト周辺国を蓄積するために彼の反対を示している。木曜日に再び彼の論文を明らかにしなければならない。ドラギは、決定が反対一票とECBの最高機関で行われたことを認めたと不一致であった者についてはほとんど疑いがあります。イタリア皮肉のヒントを思い出し、それはイェンスWeidmann、ブンデスバンク社長とECBのメンバーが、公的債務の購入に反対されている秘密ではありません。
新しいレスキューフォーススペインの理解の別の覚書、条件の数との契約に署名することは間違いありません
これらの違いは、スペインはEFSFの介入を要求した時にECBを与える反応に疑問を投げ掛ける。ドラギは、理事会には時間が常に測定条件付き非伝統的金融政策を用いて検討するかもしれないことだけを示すことによってあいまいさで泳いで "今後数週間のうちに。"これは、これらの措置は、債務を購入するEFSFにECBを支持するだろうことが理解される。
欧州の安定性機構（MEDE）、EFSFへの救済基金恒久的な後継者で、銀行のタブを付与することの可能性についての芽の憶測で挟持する際の北部と南部ヨーロッパの間の闘争では、ドイツドラギは同じように言った。この尺度は、無限に窒息の危機に瀕して国の債務を購入する能力を掛けるが、ベルリンの反対がありました。 ECBの大統領は、現在の法律では、MEDEは、この機能を果たすことができないことを強調した。我々が恐れたように、 "ECBは任意のアクションを発表していない。代わりに、政府のフィールドにボールを入れ、 "モルガン·スタンレーのアナリストがまとめたものです。
ドラギは、銀行のタブ欧州の安定性機構を付与することの可能性についての芽の憶測で挟
"ドラギは失望させた。"だから木曜日に署名はシュローダーと題し。ヨーロッパ、アザドZangana、のための彼のアナリストはECBの大統領は、ユーロを節約するために "何でも必要な"ようにする約束を果たすために、その試みに失敗したと言います。市場の意見から判断すると、それはイタリアの詐取投資家は先週、シームレスな通貨統合をサポートしている彼のスピーチにeuphorically反応というのは本当です。スペインのリスクプレミアムは約600ベーシスポイントにまで膨れ上がり、マドリッド証券取引所は5％以上下落した。
スピーチのように一週間前に、ドラギは、それが不可逆的であるので、ユーロを攻撃しても意味がないことを木曜日繰り返した。さらに国の通貨への復帰がなかったことを説明し、ドラクマを渡すに記載されている。ロンドンの彼の有名な言葉の幸福は、誤解の結果であったのでしょうか？ "いいえ。あなたは私のスピーチを読みましたか？何か購入債券や行動を取るための時間をそこに言わなかった、 "ドラギは、2つのメッセージ内の不整合について尋ねた記者に言った。
ECBは0.75％の低い記録で金利を残すか、または0％に、彼は銀行がその金庫に残っているお金を払っていると預金ファシリティ、関心を保持するように低い重要性の他の決定を発表しました。しかし、木曜日の会議は、今後数週間のうちにスペインを与えるために、手順を決定する決定的な衝動として記憶されるだろう。 "主なメッセージは、それが単独でドラギ行為を開始したが、されていないことであり、彼は、政府は、彼らが実施している改革を作りたい"、ニコラ·ベロンは、ブリューゲルベルギーの研究センターのアナリストを合成した。
IMFは欧州が十分に行われていないと主張している
国際通貨基金（IMF）は再び十分なユーロ圏の危機の拡散を防ぐために行われていないことを木曜日に主張しているので、 "ポリシーの変更ゲーム"と呼ばれており、状況が打撃されていることを考慮ブロックは、その小さな隣人や経済全体を脅かす。
5大経済大国·米国、中国、日本、英国、状況を分析するレポートではユーロ圏·クリスティーヌラが議長を務める組織は、ヨーロッパの危機が断然最大の関心事であることを改めて表明この時間。 "進捗状況にもかかわらず、気持ちが十分にストレスの拡散を防ぐために行われ、減衰フィードバックが成長に財政および銀行ループされていないということです"と、代理店は言った。
しかし、IMFはユーロ圏では唯一の懸念はないと述べ、米国は400,000百万ドル（までのカットを費やして、2013年に、いわゆる "税の崖"の脅威を排除する必要があることを指摘している人約33万その年の終わりに向かってユーロ）。
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