欧州連合は、ドイツの2013年9月の選挙後に、たぶん2014年に、欧州金融安定機構によるスペインの銀行への資本増強のための直接融資をするだろう?? たぶん手遅れ??
La Unión Europea deja la recapitalización directa de los bancos para 2014
Los Veintisiete acuerdan poner en marcha el supervisor único “a lo largo de 2013”
El rescate a España planea sobre la UE
Los sindicatos europeos dicen que la austeridad llevará “al suicidio”
R. M. DE R. / C. P. Bruselas 19 OCT 2012 - 01:25 CET
The European Union makes direct recapitalization of banks by 2014
The Twenty agree to launch the single supervisor "over 2013"
The rescue plan on the EU Spain
European trade unions say that austerity will "suicide"
R. M. OF R. / C. P. Brussels 19 OCT 2012 - 01:25 CET
Berlin and Paris disagree, but Germany gets the upper hand. German Chancellor Angela Merkel and French President François Hollande, openly clashed last night in Brussels on binding only bank supervision and the European Central Bank (ECB), which may have direct effects on the direct recapitalization of Spanish banks . France defended positions favoring Spain, Germany and its allies are pushing in the opposite weeks. He won the Chancellor: the EU agreed a timetable that in practice only delays the effective supervision and therefore direct recapitalization of banks regarding the dates originally planned, but maybe later get some counterpart Spain. The technical details (essential for Spain) "will be decided at the Eurogroup," the meeting of Ministers of Economy and Finance of the eurozone, said Council President, Herman Van Rompuy. For there are the long knives.
This is bad news for the Government of Rajoy. But in view of the starting position of Germany does not seem a bad deal: union bank continues, with realistic deadlines, although acceleration is discarded wanted Paris to give a boost to the countries most need.
Silver: for Madrid, direct recapitalization of banks by the European rescue mechanism is complicated. That possibility will come too late for Spanish interests. But at least the union bank continues: that Hollande was to say that the worst "has passed," he recalled with a triumphalism that of its predecessor, Nicolas Sarkozy. Moreover, in principle Spain will take over toxic assets deposited in the bad bank, although the summit last June went exactly the opposite: that the European rescue mechanism would eat these legacy assets to leave the counter to zero and prevent banking problems of Spain ended up casting doubt on investors for their conversion into debt. That's exactly what you should be discussed at the Eurogroup: Spanish sources say the European rescue mechanism could take over a part of the rescue. But that possibility is uncertain. Depend on the bargaining power to impose Berlin and its allies.
The Twenty agreed to complete the legal work for a single banking supervisor later this year, and put such a mechanism (which is the ECB) "over 2013." That means leaving the direct recapitalization of banks by the European rescue mechanism for 2014 as Germany sought as Mario Draghi asked in Tokyo a few days ago. Both the European Commission and the ECB had already advanced German positions were gaining ground, although the French government representatives have remained until today that Europe should stick to the "spirit and letter" of what had been agreed at the summit of last June.
The third change was forged in Helsinki on 25 September. Finance ministers from Germany, Netherlands and Finland left there very clear that the conditions for Spain would be harder than expected before. The three Governments that maintain a high credit rating (triple A) announced that the banking supervisor would not be ready for next January, as it has been. And explained that they just put up the supervisor to recapitalize banks through the rescue mechanism: the ECB should operate at cruising speed for that to happen. This was repeated tonight Van Rompuy, Barroso and Merkel. That distorts the decisions of the summit last June, both the letter (relating to the schedule), and above all the music: Brussels intended that this measure should break the vicious circle between banking problems and public debt, as visible in countries such as Ireland and Spain. That is totally compromised.
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The fist on the table of the ministers of Germany, Netherlands and Finland hopes diluted Mariano Rajoy Executive of the bank bailout that is done directly through the brand new European bailout fund, the so-called Stability Mechanism or ESM. The 40,000 million it will cost the bank recapitalization, that way, raise the Spanish public debt. Finally, do not fall under the umbrella of the European bailout.
The government, which until the unexpected movement of Germany and its allies had defended the importance of being able to recapitalize their banks with European money, began to assume a few weeks ago that he had lost the battle to minimize the damage. "They are just four points of GDP. We would still have a percentage of public debt below the European average, "justified Economy Ministry sources making a virtue of necessity. Yesterday, however, defended Spanish sources that still exists the possibility that at least part of the bill not paid Spain.
The deposit insurance fund and fund community settlement banks (the two most ambitious proposals, which would entail a complete banking union) not even known there are deadlines. Because these two funds would lead, ultimately, a mutualisation of debt by the back door. And that Germany will not hear a word. At least until the general election in the autumn of next year.
欧州連合は、ドイツの2013年9月の選挙後に、たぶん2014年に、欧州金融安定機構によるスペインの銀行への資本増強のための直接融資をするだろう?? たぶん手遅れ??
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