欧州は、金持ちのドイツ·フランス·オランダ·オーストリア·フィンランドと借金だらけで貧乏のスペイン·イタリア·ギリシア·ポルトガルにまっぷたつに分かれる
Los mercados parten a Europa en dos
Alemania, Francia y Holanda cobran por financiarse. España e Italia pagan intereses récord
Los bancos sacan medio billón en un día del BCE por el interés cero
Amanda Mars Madrid 12 JUL 2012 - 21:50 CET
Markets in Europe are based on two
Germany, France and the Netherlands charge for financing. Spain and Italy paid record interest
Banks take half a billion in one day by the ECB interest-
Amanda Mars Madrid 12 JUL 2012 - 21:50 CET
Europe is now divided between virtuous land and cursed, between good and poor students, between creditors and debtors. The political crowing continues to invoke greater union, but the markets are much more eloquent and at this stage of the crisis have opened a huge gap between north and south. Germany, France, Netherlands, Austria and Finland enjoy such credibility among investors that, in this climate of fear, are making a whole full-blown financial anomaly: that investors paid interest receivable their debt rather than collect them. Meanwhile, Spain, Italy, Greece, Portugal and Ireland requiring the highest interest of the history of the euro by lending them money.
This is the Europe of the risk aversion of the two speeds. "The euro is only an antipasto" said Romano Prodi 10 years ago, a recess is taken before the main course, a completely political step after which many more continue to build a world with two major economic centers: the euro and the dollar. But a decade after the creation of the single currency, decisions were made remolonas greater integration and Europe itself which has a bipolar economy. The French Treasury auction on Monday achieved a total of 4,110 million euros in three-month bills at 0.005% interest negative and 2,120 million in letters to six months with an interest of 0.006% also negative. There invidious comparisons: in the last auction of letters with the same maturity, the Spanish Treasury had to pay an average interest rate of 2.5%.
Investors also support negative interest to Austria and Finland
The French country thus joined a select club which already include Germany and the Netherlands, within the Eurozone, and Switzerland and Denmark were. That means that when they issue debt, then have to give back less than they were paid. Finland and Austria are also able to issue a negative types, as well as traded on secondary markets, ie, in the sale to investors of bonds already issued. Germany was the first country in the euro funded free or less than free. This Thursday, the ECB's exit nearly half a trillion euros in deposits, interest rates up to two year term of the bonds of countries spent the negative shelter.
Large funds have given the boost to the Government of François Hollande although the country lost in January the highest note of solvency, the triple A by the rating agency risk Standard & Poor's, but the other two (Fitch and Moody's) he maintained outstanding. It was the gavel after an escalation of tension for France and Belgium in the markets, which began to be infected by the problems of the peripheral countries and the interests of its debt to grow. But ultimately, both countries have fallen from the side of the angels.
The two sides of the coin
These were on Thursday both Europe debt market: as investors demanded an interest rate of 1% to Spain for the three-month bills and 0.60% to Italy, Germany and France gave away a return of 0.15% and 0.02% respectively. In the 10-year bonds, the German interest (1.24%), at historic lows, was also light years ahead of Spanish (6.5%) and Italian (5.8%). The spread between the yield on the bund paying German, considered the reference for its solvency, is the risk premium and on Thursday, a day after the announcement of the plan tougher cuts of democracy, of 65,000 million - went to Spain.
Madrid markets asking guarantees budgetary discipline and that meet the deficit reduction targets, but also abhor the economic downturn that is located (the second in two years) and are increasingly distant recovery. The Spanish prime rose almost eight basis points to 538, while the Italian reached 466, an increase of 12 over the previous day. The Spanish stock market, which allowed 2.58% led losses in Europe, where all the great parks closed in the red.
The Spanish risk premium grows despite tough cuts plan
Roma also just approved a tough adjustment program, 26,000 million, but Thursday came withstood its first debt auction after the announcement today and managed to place the maximum provided 7,500 million in bonuses to 12 months with an interest rate of 2, 6%, well below the 3.9% that was paid in June last comparable emission.
He had a lot to do with that the fact that the European Central Bank (ECB) has reduced to 0.25% to 0% compensation to banks for depositing money into their coffers. The body conducting Mario Draghi decided what to counterparties' incentives to grant more credit instead of leaving their money in the winter quarters.
On Wednesday, the first day that the measure took effect, banks parked at the ECB to 324,900 million less than the previous day, when they had left 808,500 million. This is the lowest since Dec. 21. Big banks like JPMorgan, Goldman Sachs and BlackRock have decided to close the entry of new investors in European funds after this reduction in the remuneration of deposits, according to Bloomberg. "It is a miracle that banks leave money on the deposit facility" in the words Christoph Rieger, head of fixed income at Commerzbank. "Most banks are allocating their money in reserve accounts instead," he added.
Public debt rather than loans
"Ideally, all that money you will not see the use of deposits to lend, but I'm afraid that's not what is happening and being invested in government bonds," said Alfonso Garcia Mora, International Financial Analyst (AFI ).
But Spain was not the beneficiary of course, the money still prefers shelters. Demand lowered profitability for German bonds in two basis points (1.4% stayed) and in seven the French (to 2.2%).
The euro hit its lowest yesterday in two years and was changed to $ 1.22
Although some of the money also are beginning to leave the eurozone. The latest ECB notes a fall in demand for stocks, sovereign debt and bills. The euro hit on Thursday its lowest against the dollar in the past two years. Each European currency was exchanged for greenbacks 1.219 in a trend that has all the numbers to persist after the historic cut interest rates a quarter point passed last week by the ECB, which leaves the price of money in Europe 0.75%.
A member of the governing council of the Dutch Klaas Knot organ, gave wings to the possibility of further reductions thereafter. "If the situation deteriorates, there is no stopping you from going article below 0.75%," he said in an interview in the German edition of the Financial Times.
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