スペイン政府の本音は、できれば、欧州中央銀行によるスペイン国債の購入の申請をしないで済ませたい様だ!!??
El Gobierno calcula que si pide el ‘rescate preventivo’ la prima bajará a 150 puntos
Según ha confirmado el Gobierno a la prensa extranjera, la idea es pedir la línea de crédito pero no usarla, para calmar a los mercados. Calculan que la Bolsa podría subir el 15%
EFE Economía Madrid 16 OCT 2012 - 16:29 CET
The government estimates that if you ask the 'preventive rescue' the premium will drop to 150 points
As confirmed by the Government to the foreign press, the idea is to ask the credit but not use it to calm the markets. They estimate that the stock could rise 15%
Economy Madrid EFE 16 OCT 2012 - 16:29 CET
The Government is asking for a credit line of new rescue fund the European Union, but without intent to use it and hope that it serves to significantly reduce the cost of financing the state. This is what has been called "a precautionary credit line", an idea to which the Government has spent weeks mulling over. In late September shuffled government sources and the idea to avoid using the money, and try to just use bank aid, but contemplating the possibility of asking. Today two German MEPs have supported the possibility of facilitating the application to the ESM.
As explained by a senior official of the Ministry of Economy to the foreign press, after Spain requested the credit line that allows the purchase of bonds by the ECB, the interest of the Spanish 10-year debt could fall 150 basis points. In addition, the stock could soar by 15% and the source is confident that the EU will not impose further conditions to Spain, although it could not meet its own goals of austerity, especially its commitment to reduce the public deficit to 6.3% of 2012 GDP.
Mariano Rajoy's government is seeking support from its partners in the euro to go ahead with the request of the rescue and has been exploring how to access the new European anti-crisis since the ECB announced its readiness to rescue the euro countries with problems through unlimited purchases of their bonds in the secondary market.
Global investors and many leaders in the region have been encouraging Spain to act quickly, but the government has so far shown reluctance to commit to the idea and senior Ministry of Finance does not expect that this issue is resolved week.
To access the help of the ECB, a country must first obtain one of the two types of support from the new European Stability Mechanism, which will end up relying on credit capacity of 500,000 million euros.
Two options for a rescue
One option is for the ECB to become the only lender in the country, buying up all the debt, like the European Union and other international creditors did in the bailouts of Greece, Portugal and Ireland.
However, Spain has said the foreign media member of the Ministry of Economy, prefer the second option available: ask for a credit line, which means that the ESM will make available money that would only be used if necessary.
In recent weeks, the financing costs of Spain, though still high, have stabilized below the level that would force a country to request a bailout and Economics believe that borrowing costs would fall with the mere request. In fact, the idea is that Spain does not require the payment of the credit of the ESM and "you could say it is a virtual credit line."
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