Meyi 14 • Amazwana eMakethe • Ukubukwa okungu-7603 • Amazwana Off kumicimbi yekhalenda lezomnotho kanye nezindali zebond Meyi 14 2012
Namuhla, ikhalenda lezomnotho lincanyana kunedatha yokukhiqiza yezimboni ye-euro kuphela kanye nenani lokugcina lokwehla kwamandla emali e-Italy CPI. ONgqongqoshe Bezezimali Bendawo yase-Euro bahlangana eBrussels naseSpain (izinyanga eziyi-12/18 T-Bills), Germany (Bubills) nase-Italy (BTPs) bazothengisa imakethe.
Endaweni ye-euro, ukukhiqizwa kwezimboni kulindeleke ukuthi kukhuphuke inyanga yesibili eqondile ngoMashi, kepha ijubane lokwenyuka kulindeleke ukuthi lehle.
Isivumelwano sifuna ukukhuphuka kuka-0.4% M / M ngoMashi, uhhafu wejubane obhaliswe ngoFebhuwari (0.8% M / M). NgoFebhuwari nokho, ukukhiqizwa kukhuliswe ngamandla ngenxa yesimo sezulu esibanda kakhulu. Phambilini kukhishwe imininingwane kazwelonke ekhombisa isithombe esixubile. Ukukhiqizwa kweJalimane ne-Italiya kukhombise ukubuyela emuva okuhlobene nesimo sezulu, ngenkathi umkhiqizo waseSpain nowaseFrance ubuyela emuva ngoMashi.
Ngasendaweni ye-euro, sikholwa ukuthi izingozi zisehlangothini olubi lwezinto ezilindelwe, njengoba ukufundwa kwe-EMU kungafaki umkhakha wezokwakha, kuyilapho nezinsiza mhlawumbe zingabuyela emuva.
Namuhla, i-ejensi yezikweletu yase-Italy ithinta imakethe ezimweni ezinzima zemakethe. Imigqa enikezwayo ingeyokugijima i-3-yr BTP (€ 2.5-3.5B 2.5% Mar2015) kanye nenhlanganisela ye-run run 10-yr BTP (4.25% Mar2020), ekuhambeni kwe-10-yr BTP ( 5% Mar2022) & off the run 15-yr BTP (5% Mar2025) nge- € 1-1.75B eyengeziwe. Inani eliphansi ekunikezelweni, kanye nokugxila kumqondo omfushane, noma kunjalo kufanele likwazi ukuthi abatshalizimali (basekhaya) bakwazi ukugaya.
Umgcinimafa waseFinland uthepha ku-5-yr RFGB esebenzayo (€ 1B 1.875% Apr2017). Kungokwesibili kuphela ukuthi iFinland ifike emakethe yama-bond nge-€ -uhwebo kulo nyaka. Iphepha elilinganiswe nge-AAA cishe lizohlangabezana nokufunwa okuhle.
Namuhla, iqembu le-Euro (ONgqongqoshe Bezezimali be-EMU) lihlangana eBrussels, kuthi kusasa i-Ecofin ebanzi ihlangane. Kungaba ngumhlangano othokozisayo, njengoba manje inkinga yezikweletu ze-euro ibuyile ekubeni ungakaze uhambe ngokuphelele.
Ukucindezeleka eGrisi naseSpain kudonsa amehlo kakhulu. Kodwa-ke, futhi nokhetho lwaseFrance luguqule impikiswano kanye nobungozi bezomnotho. Kulesi simo, abaholi abahlukahlukene abakhulu be-EMU bakhulume ngesivumelwano sokukhula. ONgqongqoshe Bezezimali mhlawumbe bazokhuluma balungiselele isivumelwano sokukhula esizobuye sixoxwe esidlweni esingahlelekile "sesivumelwano sokukhula" ngabaholi be-EMU futhi kufanele kuvunyelwane ngaso engqungqutheleni yokuphela kukaJuni ye-EU.
Umgomo kungenzeka ukuthi uvunyelwene kakhulu, kepha kuzinyathelo ezibambekayo umehluko wemibono usabanzi kakhulu futhi lokho kufanele kube njalo nasezimalini zesivumelwano.
UKhomishani Rehn ngempelasonto uthe ukwenqabile njengokungelona iqiniso ukukhethwa kwesikhuthazo se-austerity. Zombili ziyadingeka. Amazwe adinga ukuhlala emzileni wokuhlanganiswa kwezimali ngenkathi kudingeka utshalomali oluningi lukahulumeni nolwangasese. Isiphakamiso seKhomishini ye-EU eSpain sokuthi singanikezwa unyaka owodwa owengeziwe ukusika isikweletu sibe ngu-3% we-GDP (ngaphansi kwezimo ezithile) singenziwa nakwamanye amazwe.
Uma basebenzisa izinyathelo zokuvinjelwa okuvunyelwene ngazo futhi ukusilela kuzodlula lokho obekuhlosiwe, kungenzeka bangaphoqeleka ukuthatha ezinye izinyathelo.
Indikimba yesibili yomhlangano ngokuqinisekile iyoba yisimo eGrisi nesiphetho sayo ngaphakathi kwe-EMU. Ekupheleni kwesonto, umongameli we-EU weKhomishini, uBarroso, uphakamise ukuthi iGrisi kuzofanele iyeke i-euro uma ingalandeli imithetho ye-euro (pacts, Uhlelo lokutakula). Kwakuneminye imithombo enethonya ebeka iGrisi ekukhetheni ukuthi ihambisane nohlelo lokusindisa noma ibhekane nokuzenzakalelayo nokuphuma.
Sicabanga ukuthi iGrisi izobakhona ngokusobala ezingxoxweni ze-Eurogroup kanti ngenkathi ingadalulwanga emphakathini, kufanele kube nohlelo B ekulungiseleleni. Ngakho-ke, ukuphawula ngemuva kwalokho kungahle kuthakazelise.
Okokugcina inkinga enkulu yesithathu yiSpain. Uhulumeni unezinketho ezingaphansi futhi uhlobo oluthile lokusekelwa kwamazwe amaningi kufanele lwamukeleke kakhulu. Kodwa-ke, iphakethe lesikali eligcwele elizobenza bangabikho ezimakethe isikhathi esithile kungenzeka lingakhi, kepha ukwesekwa okuthile emkhakheni wamabhange nge-EFSF, uma kungadingeki kudlule kuma-akhawunti aseSpain, kungahle kube nokwakha.
Siyesaba ukuthi uhlelo lwakamuva lwamabhange luzohluleka ukunciphisa ukungezwani ezimakethe. Asicabangi ukuthi iqembu le-Euro selivele lisendaweni yokuthatha / ukuphakamisa izinqumo, kepha lolu daba lungaxoxwa.
ecofinukulelei-eurozoneisiGreece
« Ukubuyekezwa Kwemakethe ngoMeyi 14 2012 Imiphumela Ye-EU Mess Ku-EUR / GBP »
Imicimbi yekhalenda lezomnotho kanye nezindali zebond Meyi 14 2012
Meyi 14 • Amazwana eMakethe • Ukubukwa okungu-7603 • Amazwana Off kumicimbi yekhalenda lezomnotho kanye nezindali zebond Meyi 14 2012
Namuhla, ikhalenda lezomnotho lincanyana kunedatha yokukhiqiza yezimboni ye-euro kuphela kanye nenani lokugcina lokwehla kwamandla emali e-Italy CPI. ONgqongqoshe Bezezimali Bendawo yase-Euro bahlangana eBrussels naseSpain (izinyanga eziyi-12/18 T-Bills), Germany (Bubills) nase-Italy (BTPs) bazothengisa imakethe.
Endaweni ye-euro, ukukhiqizwa kwezimboni kulindeleke ukuthi kukhuphuke inyanga yesibili eqondile ngoMashi, kepha ijubane lokwenyuka kulindeleke ukuthi lehle.
Isivumelwano sifuna ukukhuphuka kuka-0.4% M / M ngoMashi, uhhafu wejubane obhaliswe ngoFebhuwari (0.8% M / M). NgoFebhuwari nokho, ukukhiqizwa kukhuliswe ngamandla ngenxa yesimo sezulu esibanda kakhulu. Phambilini kukhishwe imininingwane kazwelonke ekhombisa isithombe esixubile. Ukukhiqizwa kweJalimane ne-Italiya kukhombise ukubuyela emuva okuhlobene nesimo sezulu, ngenkathi umkhiqizo waseSpain nowaseFrance ubuyela emuva ngoMashi.
Ngasendaweni ye-euro, sikholwa ukuthi izingozi zisehlangothini olubi lwezinto ezilindelwe, njengoba ukufundwa kwe-EMU kungafaki umkhakha wezokwakha, kuyilapho nezinsiza mhlawumbe zingabuyela emuva.
Namuhla, i-ejensi yezikweletu yase-Italy ithinta imakethe ezimweni ezinzima zemakethe. Imigqa enikezwayo ingeyokugijima i-3-yr BTP (€ 2.5-3.5B 2.5% Mar2015) kanye nenhlanganisela ye-run run 10-yr BTP (4.25% Mar2020), ekuhambeni kwe-10-yr BTP ( 5% Mar2022) & off the run 15-yr BTP (5% Mar2025) nge- € 1-1.75B eyengeziwe. Inani eliphansi ekunikezelweni, kanye nokugxila kumqondo omfushane, noma kunjalo kufanele likwazi ukuthi abatshalizimali (basekhaya) bakwazi ukugaya.
Umgcinimafa waseFinland uthepha ku-5-yr RFGB esebenzayo (€ 1B 1.875% Apr2017). Kungokwesibili kuphela ukuthi iFinland ifike emakethe yama-bond nge-€ -uhwebo kulo nyaka. Iphepha elilinganiswe nge-AAA cishe lizohlangabezana nokufunwa okuhle.
Namuhla, iqembu le-Euro (ONgqongqoshe Bezezimali be-EMU) lihlangana eBrussels, kuthi kusasa i-Ecofin ebanzi ihlangane. Kungaba ngumhlangano othokozisayo, njengoba manje inkinga yezikweletu ze-euro ibuyile ekubeni ungakaze uhambe ngokuphelele.
Ukucindezeleka eGrisi naseSpain kudonsa amehlo kakhulu. Kodwa-ke, futhi nokhetho lwaseFrance luguqule impikiswano kanye nobungozi bezomnotho. Kulesi simo, abaholi abahlukahlukene abakhulu be-EMU bakhulume ngesivumelwano sokukhula. ONgqongqoshe Bezezimali mhlawumbe bazokhuluma balungiselele isivumelwano sokukhula esizobuye sixoxwe esidlweni esingahlelekile "sesivumelwano sokukhula" ngabaholi be-EMU futhi kufanele kuvunyelwane ngaso engqungqutheleni yokuphela kukaJuni ye-EU.
Umgomo kungenzeka ukuthi uvunyelwene kakhulu, kepha kuzinyathelo ezibambekayo umehluko wemibono usabanzi kakhulu futhi lokho kufanele kube njalo nasezimalini zesivumelwano.
UKhomishani Rehn ngempelasonto uthe ukwenqabile njengokungelona iqiniso ukukhethwa kwesikhuthazo se-austerity. Zombili ziyadingeka. Amazwe adinga ukuhlala emzileni wokuhlanganiswa kwezimali ngenkathi kudingeka utshalomali oluningi lukahulumeni nolwangasese. Isiphakamiso seKhomishini ye-EU eSpain sokuthi singanikezwa unyaka owodwa owengeziwe ukusika isikweletu sibe ngu-3% we-GDP (ngaphansi kwezimo ezithile) singenziwa nakwamanye amazwe.
Uma basebenzisa izinyathelo zokuvinjelwa okuvunyelwene ngazo futhi ukusilela kuzodlula lokho obekuhlosiwe, kungenzeka bangaphoqeleka ukuthatha ezinye izinyathelo.
Indikimba yesibili yomhlangano ngokuqinisekile iyoba yisimo eGrisi nesiphetho sayo ngaphakathi kwe-EMU. Ekupheleni kwesonto, umongameli we-EU weKhomishini, uBarroso, uphakamise ukuthi iGrisi kuzofanele iyeke i-euro uma ingalandeli imithetho ye-euro (pacts, Uhlelo lokutakula). Kwakuneminye imithombo enethonya ebeka iGrisi ekukhetheni ukuthi ihambisane nohlelo lokusindisa noma ibhekane nokuzenzakalelayo nokuphuma.
Sicabanga ukuthi iGrisi izobakhona ngokusobala ezingxoxweni ze-Eurogroup kanti ngenkathi ingadalulwanga emphakathini, kufanele kube nohlelo B ekulungiseleleni. Ngakho-ke, ukuphawula ngemuva kwalokho kungahle kuthakazelise.
Okokugcina inkinga enkulu yesithathu yiSpain. Uhulumeni unezinketho ezingaphansi futhi uhlobo oluthile lokusekelwa kwamazwe amaningi kufanele lwamukeleke kakhulu. Kodwa-ke, iphakethe lesikali eligcwele elizobenza bangabikho ezimakethe isikhathi esithile kungenzeka lingakhi, kepha ukwesekwa okuthile emkhakheni wamabhange nge-EFSF, uma kungadingeki kudlule kuma-akhawunti aseSpain, kungahle kube nokwakha.
Siyesaba ukuthi uhlelo lwakamuva lwamabhange luzohluleka ukunciphisa ukungezwani ezimakethe. Asicabangi ukuthi iqembu le-Euro selivele lisendaweni yokuthatha / ukuphakamisa izinqumo, kepha lolu daba lungaxoxwa.
ecofinukulelei-eurozoneisiGreece
« Ukubuyekezwa Kwemakethe ngoMeyi 14 2012 Imiphumela Ye-EU Mess Ku-EUR / GBP »